Financial Questions to Ask Your Business Partner

You have a business plan, youโ€™ve saved up the money or maybe youโ€™ve secured a business loan. Inevitably at some point in the beginning stages of a new business, whether itโ€™s for added capital or to provide a skill thatโ€™s not your specialty, you may consider the idea of bringing on a business partner.

Finding the right business partner can be a huge asset to your company, but the wrong fit could potentially cause issues down the line. Most entrepreneurs are looking for an amicable and long-lasting partnership, but itโ€™s important to consider more than just a culture fit. Determining who you click with may come naturally, but just because theyโ€™re difficult, money conversations canโ€™t be brushed aside only to be dealt with later. No matter how tough the conversation seems, youโ€™ll be saving yourself an even more difficult one down the road.

While finding the right personality fit is up to personal preference, thereโ€™s no denying that every entrepreneur wants a business partner whoโ€™s financially-savvy, or in the very least an effective budgeter. Even successful CEOs run into trouble finding the perfect fit, so what can you do to build a solid partnership? Asking the right questions before entering any sort of agreement will ensure a solid foundation that all starts with knowing what to ask and how to ask it.

Check out the infographic below on money tips for entering into a business partnership:


It should go without saying, but make sure you are equally prepared to answer these questions yourself. Open and honest communication is a huge asset in any partnership, and is best when established right from the beginning. Nate Masterson, CEO of Maple Holistics believes this extends to money as well. โ€œBefore going into business with someone, itโ€™s essential that you can trust them, their judgment, and their reliability. Be sure to communicate with your potential partners and discuss their budgeting history,โ€ says Masterson. If you have a partner already, it can still be helpful to sit down and discuss some of these tough questions with them.

Youโ€™ll find that the right business partner will become like family and there rarely is a complete separation from personal and professional lives, but thatโ€™s half the excitement. If chosen wisely, you and your partner can have an extremely fulfilling career.

Sources: Inc. | Forbes | Entrepreneur | Entrepreneur | Inc. | Fortune Builders

You Might Also Like

With two stimulus checks under our belts, planning is curren... Read More

March 11, 2021

Personal Finance

The COVID-19 pandemic has taken a financial toll on nearly all of... Read More

March 1, 2021

Personal Finance

A couple researches โ€œhow much money do you need to buy a house?โ€
The following is a guest post by Orion Talmay, of Orionโ€™s M... Read More

February 18, 2021

Personal Finance