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Partners Are From Mars

Advice for choosing a business partner

This story appears in the April 2000 issue of Business Start-Ups magazine.

Challenge No. 467 in TheEntrepreneur's Real-Life Handbook: Drag yourself through a pit of fire to see if you like the pain of entering into a business partnership without thought, planning or a signed document. I'm only half-kidding.

In the "If I knew then . . ." school of thought, I probably would have used different criteria for choosing a business partner. My first criteria was "I've known this person for several years." It sounded logical--friends are always thinking of going into business together. Today, I wouldn't put any sweeping "don't do it" on a proposed partnership between best friends, but I would place a warning label on it that reads "Approach with extreme caution."

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