Why and How to Vet Business Partners

By Anne Shaw
The Hartford Small Biz Ahead
Originally Published: April 26, 2018 | Updated: November 4, 2025

Starting a business alone can be overwhelming. That’s one reason many entrepreneurs decide to take on business partners.

Working with the right partners can make your life easier, add value to your business and pave a smoother road to success. But the wrong partners can add stress and hurt your business.

Whether you’re hoping to gain a go-to partner to run day-to-day operations or you simply need help funding your business, it’s important to vet your partners for long-term compatibility.

How to Decide Whether a Potential Business Partner Is a Good Fit

Before you can evaluate a potential business partner, you need to understand why you want one. Do you need strategic guidance, valuable introductions to the right connections, or someone with a complementary skill set who will stay fully engaged in the business?

Be realistic about what you need. Then use that insight to guide you while assessing potential partners. Consider each of the following as you search for a good fit.

1. Experience

Much like interviewing a job candidate, you should consider a potential business partner’s background. Ask about their past job experience and share your own. Discuss what you’ve each learned along the way. If they’re an entrepreneur who has started and run past companies, look into those companies’ track records. If any of their past companies have failed, ask what they learned from the experience. Explore what each of you brings to the table, including your connections.

Questions to ask about their experience:

• What jobs did you have prior to running businesses?
• How long have you held leadership-level roles?
• Have you started any other businesses and what were the outcomes?
• Have you been part of a business partnership before?
• How do you work through difficult challenges?
• What does your experience bring to the table for this business?
• How would you describe your personal and professional network?

2. Skills

If you’re looking for a hands-on co-founder and business leader, a prospective business partner’s skills are especially important. Find out if they have any professional specialties they can use for your business, such as digital marketing, IT, HR or sales. You may also consider whether they have character attributes that complement and balance your own.

Questions to ask about their skills:

• What are your strongest skills and how do you see them fitting into this business?
• What are your strongest attributes and character traits?
• Do you see your skills fitting well with mine?
• Have you handled any business crises?
• What were your past roles at other businesses?
• Where do you see your biggest impact on this business?

3. Business philosophy

It can be difficult to work with a business partner who holds a different core philosophy from your own. Conflicts are bound to arise if you disagree about company culture, for instance. Consider whether a potential partner will thrive in the atmosphere you hope to foster at your company. Will they have similar views about success, and will they get behind your ideas about how to achieve it? Even if your differences are slight, it’s important to…[MORE]

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To read the entire article, visit The Hartford Small Biz Ahead website, via: Why and How to Vet Business Partners