These are my tips for engaging with potential partners, whether potential business partners or co-founders or investors, it is useful to:
- engage in a due diligence sooner than later to save time when term sheets or terms of engagement is presented.
- it should include but not be limited to:
- business credit checks
- consumer credit checks
- online presence on business and the founders
- online search for media on business and the founders
- social media search on business
- social media search on individuals
- ask around, reputations are easy to gauge
- request audit reports and financials on business and persons involved
- trust your gut
- sometimes something doesn’t sit well, rather than signing your life away, listen to your gut
- listen to mentors
- ask for guidance/assistance with negotiation if that is not your strong suit
- NEVER EVER EVER EVER assume that the person you are “courting” knows more than you. Bullshitters are good at bullshitting their way through life.
- get everything in writing
I’ll think of a few more and add them soon.#headsup
#businesstips
