Before You Buy a Business with Your Best Friend, Read This

Given the nuances of a partnership business model, Inc. Magazine positions these four tips at the forefront of successful ventures.

1. Find the right partner. Existing family or social relationships don't automatically translate into a successful partnership. Look for skill sets that complement rather than duplicate your own.

2. Set goals together. If your plan is to operate the business over the long term, but your partner's goal is to grow and sell the business as quickly as possible, you're setting yourself up for disaster.

3. Be clear about ownership stakes. It is especially critical if the partners aren't making equal financial contributions or if one buyer will be a "silent partner."

4. Define partner roles. Each partner will take on roles in operations and in decision-making. Overlap is inefficient at best and can create serious conflicts in your working relationship.

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