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E22: 10 Questions to Answer Before Starting A Business Partnership | TRANSCEND the Podcast
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Starting a business is an extremely rewarding endeavor, but it can be equally as challenging. Often, people feel that by bringing on a business partner, they’ll lighten their load, making things easier. But unfortunately, like with any kind of relationship, if a business partnership is entered into without proper consideration of several important factors, it can end up causing more harm than good.
In today’s episode, I will run through 10 questions you should be asking yourself before giving anyone ownership in your business, using real-world examples to highlight what can go wrong. From determining the value that your potential business partner will bring to your company to establishing conflict resolution and exit strategies, these questions will help ensure you are making the right decision!
What You’ll Learn From This Episode:
[2:50] 10 questions to ask yourself before bringing a business partner
[03:35] Some of the pros and cons of bringing on a business partner
[05:11] The value of understanding the skills that you and your partner bring to the table
[07:07] The danger that lies in not communicating expectations clearly
[11:06] Ways of dealing with how much ownership each partner has
[13:28] Why it’s essential to establish conflict resolution strategies
[15:22] Examples of regulations you should put in place ahead of time
[18:24] The importance of understanding your vision
[19:25] Challenges that come with being an entrepreneur
Stay connected:
If you enjoy TRANSCEND the Podcast, we could use your support! Please SUBSCRIBE or LIKE wherever you are watching and share it with the one person you're thinking of right now who needs to hear this message.
TRANSCEND the Podcast is about building a business and leaving a legacy, hosted by Asha Wilkerson, Esq., founder of the TRANSCEND Community and the Wilkerson Law Office.
In today’s episode, I will run through 10 questions you should be asking yourself before giving anyone ownership in your business, using real-world examples to highlight what can go wrong. From determining the value that your potential business partner will bring to your company to establishing conflict resolution and exit strategies, these questions will help ensure you are making the right decision!
What You’ll Learn From This Episode:
[2:50] 10 questions to ask yourself before bringing a business partner
[03:35] Some of the pros and cons of bringing on a business partner
[05:11] The value of understanding the skills that you and your partner bring to the table
[07:07] The danger that lies in not communicating expectations clearly
[11:06] Ways of dealing with how much ownership each partner has
[13:28] Why it’s essential to establish conflict resolution strategies
[15:22] Examples of regulations you should put in place ahead of time
[18:24] The importance of understanding your vision
[19:25] Challenges that come with being an entrepreneur
Stay connected:
If you enjoy TRANSCEND the Podcast, we could use your support! Please SUBSCRIBE or LIKE wherever you are watching and share it with the one person you're thinking of right now who needs to hear this message.
TRANSCEND the Podcast is about building a business and leaving a legacy, hosted by Asha Wilkerson, Esq., founder of the TRANSCEND Community and the Wilkerson Law Office.