Questions to Ask Before Entering a Business Partnership

I’ll tell you this right now — starting a business with someone is a bit like getting married, only the prenup is written in legalese and the honeymoon involves more spreadsheets than sunsets. People think partnerships are all about “shared vision” and “splitting the workload,” and sure, those things matter. But in my experience, what really matters are the questions you ask before you sign anything.

The trouble is, most people don’t know what to ask — or they think asking the tough questions will make them seem mistrustful. But trust me (and I’ve had the scars and the successes), the time to dig deep is before you go into business together, not after the first disagreement about money.
So here’s a guide, but not the stiff, checklist kind. Think of it as me sliding you my notebook over coffee and saying, “Here, these are the questions I wish I’d asked sooner.”

1. What Does Success Actually Look Like for Us?

This sounds simple, but it isn’t. I once partnered with someone who thought success meant slow, steady growth and keeping things local. I was dreaming of scaling nationally within two years. We were both “right” in our own heads — but completely wrong for each other.
You have to know if your definitions line up. Is success about profit margins? Market share? Work-life balance? A five-year exit strategy? And here’s the twist — ask why those goals matter to them. Sometimes their motivation is personal (paying off a mortgage, funding a side passion) and that changes how they approach every decision.

2. How Do We Handle Money — Personally and in Business?

When buying into an existing business as a partner, remember that people have different relationships with money, and it shows up fast in a partnership. Are you both comfortable reinvesting profits, or does one of you expect regular withdrawals? How much risk are you willing to take with debt?
And don’t just talk about the business bank account. Talk about personal financial situations too. I once knew a partnership that fell apart because one partner had silent personal debts — which meant they were constantly pulling money out of the business.
It’s awkward, yes. But it’s way more awkward to find out after you’ve signed.

3. Who Makes the Final Call?

Decision-making is one of those things people assume will be “natural.” It’s not. Even with a clear agreement, emotions creep in.
Ask this outright: If we disagree, who has the deciding vote? And don’t just settle for “We’ll talk it through.” What happens if talking doesn’t work? Do you bring in a mediator? Flip a coin? (Not recommended, but I’ve seen it happen.)
One of my partnerships worked beautifully because we decided early that certain areas were “mine” and others were “his.” Marketing? My call. Operations? His. We didn’t always agree, but we avoided deadlock.

4. Why Do You Want This Partnership?

This is the question that often reveals the most. Sometimes it’s about money, sometimes it’s about skills they don’t have, sometimes it’s just loneliness — running a business solo can be isolating.
But if their “why” doesn’t align with yours, you’ll eventually pull in different directions. And no, “to grow the business” isn’t a good enough answer. What kind of growth? To what end? For how long?

5. What’s Our Exit Plan?

People avoid this one because it feels negative — like you’re planning for the breakup before you’ve even started dating. But here’s the reality: every partnership ends, one way or another.
Will one partner buy the other out? Will you sell the whole business? Will it dissolve? And what happens if one of you just wants out early?
I saw a partnership implode simply because no one had agreed on how to value the business if one partner wanted to sell their share. The lawyers made more money than either partner that year.

6. How Do You Work Best?

This is about habits, routines, and even quirks. Are you a “late-night ideas” person or a “6 AM inbox-zero” person? Do you need constant updates or do you prefer autonomy?
I had a partner once who loved long, detailed planning meetings. I wanted quick bullet points and then action. We had to compromise — shorter meetings, but more frequent check-ins.
And yes, personality clashes can be managed — but only if you acknowledge them early.

7. What Are You Not Willing to Compromise On?

Everyone has non-negotiables. For some, it’s ethical boundaries — no cutting corners, no matter the profit. For others, it’s lifestyle — no working weekends, period.
If your non-negotiables conflict, you’ve got a problem before you’ve even started. The good news? Talking about it now saves months of resentment later.

8. How Do You Handle Conflict?

Here’s the uncomfortable truth — you will have disagreements. You might even have full-blown arguments. What matters is how you come back from them.
Ask your potential partner to share a time they had a business disagreement and how it ended. Was it resolved with compromise, or did they walk away angry? And be honest about your own style too. If you need space to cool off, say so. If you like hashing things out on the spot, they need to know.

9. Who Brings What to the Table?

This is where you map out skills, networks, capital, and even personality traits. I’ve seen partnerships work not because both people were the same, but because they were complementary.
Make a literal list — you bring this, I bring that. Then ask if you’re both comfortable with the imbalance that will inevitably exist. Because there’s always imbalance, and pretending otherwise just breeds tension.

10. Are We Both Ready for the Workload?

Partnerships can fail simply because one person thought they’d be working 20 hours a week and the other was ready for 60.
You have to be brutally honest about availability and energy. Life changes — kids, health, burnout — can shift capacity. Have the conversation about what happens if one of you can’t keep up.

The Truth No One Tells You

Even with all these questions, there’s still an element of trust and gut feeling. I’ve walked away from deals where everything on paper looked perfect but something felt off. And I’ve taken leaps where logic said “wait” but my gut said “go” — and they turned out fine.
The point isn’t to eliminate all risk — you can’t. The point is to shine enough light on the road ahead so you’re not walking in blindfolded.

Final Thought

Asking these questions doesn’t make you paranoid; it makes you prepared. Partnerships built on clear expectations tend to last longer, perform better, and survive the rough patches. So take the time. Have the awkward conversations. It’s cheaper than a messy breakup later — and far better for your sanity.