10 financial questions for your potential business partner
Whether you’re a seasoned pro of an entrepreneur or you’re just getting your feet wet, having tough conversations about money with a potential business partner up front can save you from world of struggle later. As most entrepreneurs and business owners know, the creative ideas are often where the passion lies. On the flip side, the finances can be a bit of a tricky subject. Finding the right tact and timing are key to a successful, productive exchange.
Here are some things you should be prepared to ask about:
- Their personal finances
- Their credit history
- How they asses risk
- How they define success
- What they plan to contribute
- How they want to divide profits
And most importantly, put it all in writing! This is the only way you can ensure that there’s a record of what you agreed on before the profits start coming in.
Check out this helpful infographic with 10 questions you should ask a business partner by Credit.com for some specifics you should have prepared before your meeting: