Relationship First. A partnership can help a business develop a new product or service while gaining exposure to a new target market. However, before thinking of the legal arrangments, make sure you have a healthy, open, and transparent relationship. Take time to build a relationship. Learn as much as you can about your partner's current situation, plans, and long-term goals. This will better enable you to identify opportunities and confirm that a company is a good fit as a strategic partner. After having a healthy relationship, you can start the discussion of financials or legal agreements. Don't start a partnership by insisting on signing a contract. Sometimes as an attorney, you will have to fight that urge. Let the relationship develop, and agreeing will be easy.