Many business owners don’t realize it’s important to know that expectation setting is a necessity before getting into any business partnerships. Knowing the right questions before embarking on any business venture is a good start in building a good business relationship.

When you’re considering a potential business partner, it’s important to ask probing questions to get a sense of whether or not you’ll be able to make a successful partnership. You’ll be better equipped to make informed decisions by exploring these key topics.

Just like a marriage, it is essential that both partners are content and fulfilled. What works for one partner may not work for the other, and it is important to be able to communicate openly about these things. So don’t wait – ask the tough questions and see what your prospective partner has to say! 

Here’s a list of the top 10 interview questions to ask a potential partner:

1. What do I need to know about your organization so we can work together effectively?

Understand what it’s like to be in their shoes. How does their company fit into your customer’s marketing and sales funnel? Get a sense of their culture, mission, and vision. How do they operate? Do they have an open-door policy, or are decisions made top-down? What are their values? The more information you have before you start a business with them, the better equipped you’ll be to make a decision. This is also a great general question that will prompt a likely thoughtful and genuine answer.

2. What is your business model, and how does it work?

Asking about this shows that you’re interested in more than just signing a partnership agreement. The business model should be discussed in detail, including how it works and what the benefits are. Does their business model make sense? What are their margins like? By giving you insights into how they are performing against quotas, it will help your new business manage its sales team and enable them to be more efficient in delivering customer results.

3. How have you partnered in the past?

This is one of the key questions to ask in the getting-to-know stage. It will help you better understand your partner’s communication and work style. It will also give you insight into how they handle conflict and whether or not they are willing to compromise.

Furthermore, it allows you to gauge whether or not they are compatible with your own partnering preferences. Do they prefer a more hands-on approach, or are they happy to take a back seat? Are they looking for a long-term commitment, or are they happy with shorter, more flexible arrangements?

4. How does your organization see partnerships?

What are their purpose and goals? What do you hope to accomplish together as partners? How will decisions be made between the two organizations? Is there any room for growth in this relationship, or are you limited by a contract of some kind?

Partnerships are a key part of any successful business, and there is no one-size-fits-all approach to them. Some partners may want to sell products; others may want to co-brand with you or just sponsor an event. It’s important that everyone has a clear understanding of what they’re getting into before moving forward, so make sure you get this question answered right away! 

If your partner does not have buy-in at the executive level then the interaction will look much different from an organization that does. This insight will inform the partner’s maturity and involvement in their business.

5. What resources does your business dedicate to partnerships?

This will allow you to gauge their level of commitment and how they might be able to help with building out your business. A partnership with a company that has the right resources can help accelerate your growth. You may be surprised about how much help they can offer. For example, they provide a suite of tools to help agencies automate their daily tasks so they can scale better and faster with less effort. This could be a valuable resource to set your business plan accordingly.

This will inform the level of programs you run. This will also inform who will be able to do what when it comes to an execution standpoint.

6. What’s the north star for you within partnerships?

Some partners want to help with marketing, others want to work on product development, and some are looking for more of an advisory role. By asking this, you can determine ahead of time if they’re the type of business with a shared vision and values with your company. You’ll have an insight into their focus and goals, which can help inform how they might approach your business together. This means that not only will you be able to see their roadmap, but they’ll also see yours. Together, you can decide how to align them in order to meet both parties’ needs.

7. When have you had a great partnership experience?

You’ll want to know what they’ve learned from their past partnerships and what makes it work for them. Asking your possible business partner about their past business experiences is a great way to get insight into how they operate and what kind of working relationship you can expect. It can also help you avoid any probable pitfalls that might arise down the road.

You may want to consider follow-up questions like what are some things that made it successful? How can I be a better partner to you if we do decide to work together?

8. What are you personally accountable for (KPIs, etc.)?

This will help you understand their role and responsibilities and identify if they have the skillset and experience to be able to take on a project. You’ve got to ensure that the person in charge of this particular part has a good understanding and expertise. It’s also essential to know what will be expected from them and how this may affect your company in doing business together.

Knowing this will allow you to align with what they (as an individual) focus on because at the end of the day if they are accountable for X and you are trying to do Y, there’s a chance for misalignment. They will naturally prioritize the things that help them achieve the goals they are responsible for.

9. Are there any potential issues or risks that could arise from this partnership?

And what measures should be taken to avoid them? This will determine how well prepared they are for challenges and how much work they’ll have to do. Make sure to think about what will happen if one of the partners goes out of business. If they’re a startup or small business, is their product scalable? Are there any security concerns? What are the terms for ownership and intellectual property rights?

10. What is the next big thing you’re planning to work on?

Asking about their plans for the future will give you an idea of how your partner plans on making a profit. Knowing this important information can better support your partner and ensure that both of you are working towards the same goals. You can also ask this regularly to help keep you both on the same page and heading towards success.

This is a great way to get excited and kick-start the relationship. There may even be a chance to partner for that next big thing, so it’s always worth asking!

BD Paths’ Takeaway

These business partner qualification/interview questions are not a silver bullet list. You also shouldn’t try and ask all of them because you’ll gather more of this on your kick-off/onboarding. The goal here is to gather an understanding of where partnerships sit within the organization to give YOU an important perspective and set expectations for yourself.

Empower yourself and your business partner with the right questions

This list is a great starting point, but be sure to add any other important questions you may have. Asking the right ones can help you qualify partners, empowering you to make the best decisions for your business. What would you add to this list? And, of course, be sure to consult with a trusted advisor like BD Paths before making any final decisions. With our help, you can ensure that you’ll get the most out of your partnership and that your business is on the right track.