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3 Tips for Vetting Business Partnerships

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The process for evaluating business partnerships is similar to that of hiring new employees. Any business looking to partner with another organization should thoroughly grasp the potential inter-organizational dynamics. The following are tips for evaluating potential business partnerships before a contract is signed, adapted from a Forbes article on best practices to evaluate clients.

1. Evaluate the partner's process. Those who go beyond the surface, going beyond the 'what' and asking the 'why' of your business' methodology are engaged in the partnership process and are likely to have a better understanding of what exactly they are looking for in a successful business relationship.

2. Check with past collaborators. Ask around to see what it's like to work with the organization or group in question. Ask about their contributions, attribution for work completed and whether past collaborators would work with the partner again.

3. Question past vendors. If the potential business partner is a client, speak to past vendors and ask what the process of working with the client was like. Ask about freedom to pursue ideas, commitment and financial and logistical follow-through.

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