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How to choose a business partner

The criteria for choosing a partner in business should not be your friend or family member.

It's someone who demonstrated for an extended period of time that they are the best in what they do. They must have a referral. You must respect them for who they are and what they know. They have to be compensating you for areas you are weak in. If I am a great marketing guy, I am partnering with a guru site and software developer. If I am building a new product, I am partnering with a subject matter expert.

Most importantly, a partner has to be someone you can work with and have 100% trust. If you want to sign a contract with your partner in the beginning of the business relationship, you know you have reservations.

Make sure that the contribution to the business from both parties corresponds to % of ownership. Get your partner to have a skin in the game by investing into business together.

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