I cannot underestimate the importance of this step, often overlooked in succession planning.  In order for any business partnership to work, all those involved must have shared values in relation to the running of the business.  For example, a partnership is unlikely to work out if one member is constantly wanting to take money out of the business to fund his/her lifestyle while the other is keen to reinvest profits into the business or focused on repaying debt so assets are unencumbered.  Likewise, partners will be on a collision course if one is committed to traditional approaches while another is pushing for innovation.  This is not to say that you can't have partners who think differently about particular aspects of the business.  What it means, though, is that all partners must discuss what they see as the future of the business, what they want to achieve, and how they plan to get there.