How do you select the best possible business partner?

Scripture: Do two walk together unless they have agreed to do so?(Amos 3:3 NIV).

Today’s Thought: Too often, business partnerships are based on emotion, temporary convenience, or apparent necessity. Unfortunately, partnerships based on these factors are destined to struggle at best, and often fail.

Effective partnerships are built around a common purpose, compatible values, and agreement on key issues.

Before you enter a partnership, determine how much time each partner will commit to the business, how you will divide areas of expertise or focus, and how profits will be invested or shared. Then establish a common business philosophy, and write a comprehensive business plan. Don’t skip over key issues or defer them until later; like a marriage, problems will only become worse if not truly resolved up front.

Time has a way of altering memories, so put every agreement and important principle in writing. Base your partnership on solid points of agreement and you will have the foundation for an effective and profitable venture.

He who is a partner with a thief hates his own life; he hears the oath but tells nothing (Proverbs 29:24).

Effective partnerships are built around a common purpose, compatible values, and agreement on key issues.