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6 Questions To Ask When Choosing The Right Business Partnership

Last month my Business partner, Lecrae, and I closed on 2 turn-key rental properties! A lot of people don’t know this but we’ve been business partners for almost a year. This is the first business partnership that I’ve formed in Real Estate. My husband and I have been solo dolo for 5 years

What led us into going into business together? Well, first and foremost we share the same goals and values. We both have a strong desire to leave a legacy for our children, build wealth, pursue financial freedom while building up our community in the process. I’ve been told that going into business with someone is like going into marriage. It is not something that needs to be taken lightly. The comforting factor for both of our families before choosing to go into business has been the fact that we have known each other for over 10 years and we have worked with one another in business previously before setting up this company.

When considering to go into partnership with someone in business there are a number of factors to consider before signing on the dotted line.

  • Does everyone’s short-term and long-term goals align?

  • Have I worked with this person before in some capacity?

  • Do they have a good reputation in business?

  • What value would each person bring to the partnership?

  • Does the value that each person brings into business complement one another?

  • What is the “out” if this partnership doesn’t work?

Since going into business I have been able to triple my buying power for investing in real estate and as result, we now have hit the Million dollar mark in net worth! In the words of one of my mentors.

“Erika share, find a good partner, and don’t be greedy. It will make you get further faster”

What questions do you have about how to find the right business partner? Comment below.