8 Lessons I Learned From My Worst Business Decision Ever

When an organization with over 100 staff asked to generously pay my tiny, volunteer-based non-profit to partner with them, I was honored and excited. I shouldn't have been. Now I know how to spot a bad business partner. Here are 8 lessons I learned about business partnerships:

1) Do your research: In hindsight there is a lot of research I could've done before agreeing to take on this project. I have learned to get references for EVERYONE. No matter how established the organization, ask for references for the org and every person you'll work with.

2) Contract first: Before you invest too much time in calls, meetings, personal connections, etc. get a contract signed by both parties. It must spell out as many details as possible about what the project is - who does what, when, how and what happens if anything goes wrong.

3) Respect Your Time: Notice how people treat your time. If they're often late, don't show up, allow meetings to go way longer than scheduled, silently allow important days, weeks and deadlines to pass without saying anything - these indicate unprofessionalism and disrespect.

4) Don't Back Down on the Vitals: Hard questions require hard answers but that doesn't mean they're not worth asking. Secrecy or unclarity on vital info such as logistics, budget, past projects and more are huge red flags. No answers? No partnership.

5) Beware of the Silo: Every single person involved in the partnership must have free, open and easy ways to connect with another. If you are being funneled to speak to only a tiny subsection of those integrally involved in the project, it's a red flag and can lead to big issues.

6) Clarify Your Motivations: From day 1 make sure both parties know in very clear detail the main goal each party is hoping to get from the partnership. Be totally open and honest with all cards on the table. Anything you don't mention may not happen, so no point in any secrecy.

7) Chain of Command: It's critical to understand who all is doing what - who answers to who, who gets to make final decisions on what, and the individual responsibilities of every person involved. Be sure to also establish what happens if anyone quits, leaves, is ill or away.

8) Trust Your Gut: No matter how great any opportunity seems, if there's anything off - anything that gives you pause, makes you uncomfortable or makes you question intentions - listen to that. Don't second guess yourself. Instincts are there for a reason, don't ignore them.

It was a hard lesson to learn, but a valuable one. Hopefully this helps someone out there to partner well!

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