7 Questions You Need to Ask Potential or Existing Co-Founders | Ep. 137 | Business Podcast
Having a business partner can range from the most amazing experience to the worst ever. The difference between the two outcomes heavily depends on open communication and understanding one another.
Getting to this place is hard because it can be really uncomfortable. But…
The uncomfortable feeling you have up front asking questions and getting to know one another better far outweighs the pain you’ll both feel down the line because you were not aligned.
One of the top reasons businesses fail is because of co-founder disagreements. That’s a shame because it can be avoided.
Note, this episode is for start ups and existing businesses alike. The reason is because many business partners have been in business together and never asked these questions.
There’s no better time then now!
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Hello Friends. Welcome to the show. Today We’re talking about seven questions to ask potential co founders or business partners. And these questions may be something that you currently have a business partner that you’ve been in business with and haven’t asked, but will help you. Here we go. Welcome to build a business success secrets. The only podcast that provides great talk for entrepreneurs, whether you’re an entrepreneur starting with an idea or growing your business. This show is for you.
We’ll teach you how to build a strong mindset, powerful body and profitable business so you can achieve success. And here’s your host Brandon. See White seven questions to ask potential co founders or business partners, whether you are starting out or you may already have a business partner that you’ve been in business with and haven’t even asked these questions. Number one, why do you want to start a company? Different people? Start companies for different reasons and you really want to understand your business partners reason? Number two, what motivates you? People are motivated by different things when they’re in business. Is this a technical challenge? Is this an overall problem? Is this something that your partner or you want to do?
Because it’s better for society really understand the motivation because if you don’t then you can get sideways pretty quick and then you make up a story in each of your heads about something about the other and then it turns into a big mess. Number three, what do you do in your spare time, understand what your partner enjoys so that you can have understanding if they want to go camping on a three day weekend and they want to cram things into a four day week or whatever that is.
Number four, what do you think I’d be most surprised to find out about you? I love this question because it allows them to think about what they want to communicate to you that you may not have known to ask number five, What are the Metro our personal goals for this company? Does someone want to make a billion dollars? Doesn’t someone want to run a lifestyle business? Do they want to run this company to throw off cash and start another one? Really understand your partner’s personal goals number six.
Will this be the primary activity for each of us understand that in the beginning you each or one or both of you or three of you, four of you, whatever it is, you may have to work regular jobs to get the cash to do this, but have this structure set out so that everybody understands the expectations. This is really important because what you’ll often experience and I’m sure you have in your life, whether it’s in business or personal, you’ll say what I thought you were gonna do X get all of this on the table in the beginning so that there’s no surprises and there’s no undo drama that could have been avoided. And by having these types of discussions, you really get it on the table and then you’ll understand each other or all of you better.
And number seven, I think is one of the most important things is what are our personal cast needs in the short term. And this builds on number six because if you have to do a full time job to earn the money to be able to do this, then it flows into this. So put it on the table, everybody put on the table what your monthly burn rate is to run your family and figure out how much sales you’re going to need in the business to generate, the type of income that each of you need. It is really important to have this conversation as well because just like I was saying earlier, you may make up this story and I’ll say, well I thought you were going to come on and work for $75,000 for the first year and then we would increase salary.
And another person says, no, that wasn’t true. I need 100 and $25,000 just to live this question can really map out the future of your whole company because it may be real, may be unrealistic. Someone may say, well, I’ve got a mortgage and I’ve got two kids and I’ve got this and that and I need $150,000 a year. And when you run your financials in your business plan, you’ll see that you can’t support that for another three years.
So then just have that discussion and figure out how you’re going to get there together. Really, really important. So whether you’re starting a company or you’re already in a partnership in business with someone, put these questions at work and you’ll be sure to avoid undo drama. That could lead to an argument which could lead to your whole business falling apart because you didn’t have these discussions. I will also end by saying if it feels uncomfortable to have this discussion with your potential partner or existing partners, it is uncomfortable because it’s hard.
I have found that if you can put this on the table in the beginning then you will avoid Whatever discomfort or anxiety you’re having. Because the alternative will probably be at least 10 2030, 40, 50 x. What you feel now. Don’t wait, put these questions to work now, and until the next episode, I’m rooting for your success. Thanks for being generous with your time and joining us for this episode of build a business success secrets. Before we go, let me ask you a quick question, Are you the type of person who wants to get 100% out of your time? Talent and ideas.
If so, you’ll love our monthly build a business success secrets newsletter. It’s a monthly playbook about the inner game of building a successful business. Recent issues have shown how to avoid losing money on Facebook and Instagram paid ads with this science-backed strategy, how to build a pitch deck to raise money in 13 simple slides three tips. The monks used to improve concentration and get more done in less time, a five step process to survive and thrive when things get tough, How to optimize your sales team, to grow your revenue in tons of other actionable, high percentage mind, body and business building tips and tricks. As a fellow entrepreneur who’s aiming for nothing short of success, you owe it to yourself to subscribe, check out the special offer with bonuses for you. Act be success Secrets dot com, That’s b as in business success secrets dot com and until the next episode, remember you are just one business plan away, I’m rooting for your success.