WHY Xtra: A Perfect Match? 5 Clues to Finding the Right Business Partner*

1. You share the same business goals. If one partner is looking to get rich quick and the other wants slow growth, it’s not going to work. You need to agree – in writing – on both the short- and long-term goals of the company.
2. You both plan to make the same level of commitment. Not only in terms of financial investment, but of time and dedication. Again, put it in writing.
3. You don’t share the same skills. Your business partner should be “smarter” than you in her respective area of expertise. Complementing one another will provide a firmer foundation for the company.
4. You have a good sense of each other’s business track record. Even though your potential partner is a “great guy” that you know and trust, you also should know how he functions in a business setting and seek out references on past performance.
5. You both communicate well. There are ups and downs to any business, and partners rely on each other for support. It’s important to pick someone who will be available and accessible. Remember, the wrong partner can be worse than having no partner at all.

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