Before hopping into the proverbial sack with a new business partner, you need to ask these questions:
- What’s our exit strategy?
- How will we handle/moderate conflict?
- How much equity will we each own?
- What are the roles each of us will play?
- What are each other’s expectations for ourselves and for one another?
If you don’t ask these questions and discuss them thoroughly and honestly, you’re going to be surprised at some point in the future (and not in a good way.)