Climbing the top of a mountain without the help of someone you trust doesn’t often add up as a great idea. If you go camping with people you just met, you aren’t going to trust them with your belongings, and even if you do, you won't do it totally. The same case couldn’t be truer in partnership businesses. A partnership is not a kind of an enterprise where you can sign a pact with guts and hope for the best. You have to be strategic and have a clear and a definitive approach for better results. For that reason, here are seven things you need to know before signing a partnership agreement.
A partnership is a tricky game. Unless you know how much you are expecting to gain, you aren’t ready for it. Start with the goal in mind, which is ROI. Unfortunately, ROI isn’t going to be for you alone. It is a share of all the partners, based on a given profit-sharing ratio. So, before you sign the document of partnership with someone, get a clear picture of what’s in for you.