Partnership Essentials Questionnaire
- Why are we doing this project together?
- What do we hope to achieve?
- What do we want to replicate and what do we want to avoid from past experiences?
- Where do we see this project in 1 year, 3 years, and 10 years?
- How do we envision exiting this project, business, or partnership?
- How do we measure success?
- What do you expect from each other?
- What do you like working on?
- What do you hate working on?
- Where are the gaps between the two of you?
- What assets, skills, and resources are we bringing into this partnership?
- What are your financial expectations from this venture?
- Is this going to be your entire household income?
- Will you be working on anything else while we work together?
- How many hours will we work elsewhere?
- How much money can you contribute to start-up? Will you contribute more down theroad? How much can you realistically contribute before things start to get scary?
- Are we contributing equally?
- What are social/environmental/labor standards that are non-negotiables? Will we outsource overseas if that is the most cost-efficient thing to do?
- What are our views on “quality of life”
- What are views on being ethical? Is there a time when you sacrificed your ethics formoney? Would you do it again?
- Do we have the same approach to work ethic, quality of work, and customer service?
- Are you inclined to bring work home, or do you consider home-time family time?
- Am I expected to respond 24/7 to emails, texts, and phone calls?
- What hours will you work in the office? What works hours do we plan to keep? Do youexpect the other person to keep the same hours?
- What is your current family situation and what changes are you anticipating? Whathappens if there is a short-term or long-term emergency?
- Do you consider yourself a stickler for rules, or are you laid back type of person?
- What if you decide to make a lifestyle change (new baby, ailing parent, etc.)
- Is there an age or life stage difference between us? How will this affect our relationship
- Am I okay not having a final say over all or part of business?
- Are there some parts where I must have a final say? What am I okay giving up controlover?
- What position will we hold?
- How do we express disagreement?
- If things don’t work out can we pursue similar businesses separately, or will we signnon-compete agreements? How would we divvy up clients?
- What is our preferred method of communication? Email, text, phone?
- Are we comfortable talking about the big three? Money, Time, and Problems
- Have you ever yelled at someone? How do you respond to being yelled at?
- Are we constant communicators, or should we set a weekly, monthly, quarterly, yearly,or milestones check-in to review these questions?
- What haven’t we talked about yet that we should.
Worst Case Scenario?
- Make a list of the worst things that can go wrong in this partnership?
- What is my gut telling me about this person?
- Do I respect them?
- Do I want to work with this person? Do I like them as a human being?
- Am I recreating any similar relationship from my past?
- Did these questions eliminate doubts? Illuminate anything? Or make me question thispartnership? Do I still want to go into business together?