![]() Agree in advance on what arbitration methods you will use if there is a dispute between the partners.Agree in advance how the partnership will proceed if these goals are not being met. Decide on reporting methods, milestones and goals for the partnership.Make sure communication channels are kept open. Ensure a management voice for all partners on the direction of the partnership.Make sure you get to know and understand your potential partner. Develop a personal rapport between yourself and the other party.Do they have any existing partnerships that could cause a conflict of interest?.What do their customers say about them?.Will they share your level of commitment to the venture?.Check to see if their goals and values align with your own business. Make sure you take time to research and evaluate a potential partner. There are some simple steps that can reduce the potential of your partnership running into problems. For example, you may wish to create a more formal arrangement with an overseas agent or distributor. Working with a partner you already have a working relationship with can be a good solution. It is important you take time to thoroughly research and evaluate all potential partners. If a partnership breaks down, it can be expensive and time consuming to pick up the pieces. ![]()
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