A partnership can be a boon for your small business, or it can be a bust. Brett Snyder over at the Intuit blog took a look last week on how to truly evaluate any given partner proposal, and decide whether it’s right for your business.
Snyder offers three essential criteria:
1. Compatibility. Your businesses much have a solid connection.
2. Shared risk and reward. Both have to venture something, and stand to gain something.
3. Trustworthiness. This is harder to determine than the other two criteria, but probably more important, too.
If the proposed partner doesn’t offer all three of these, take them off the potential partner list.