By Dorene Lehavi, PhD.
A friend of mine, some years ago, found himself in a difficult business situation. He was a Pilates coach, who rented space in a gym. In the room that was designated as his he placed his equipment, which included two reformers that he used to train his clients.
After months of being there he noticed that his machines were being used by other trainers in the gym for some of their clients when he was not there. This was disturbing on many accounts. First, it was a breach of trust. There was no lock on his door, but it clearly was the space for which he alone paid the rent. More importantly, he would be liable if someone hurt themselves on his machines. Third, damage could also occur to his machines. Fourth, only certified Pilates trainers know how to use the machines properly.
Clearly this was not a partnership in the strictest sense, but what needed to have happened between him and the owner is similar to what partnerships should do when they are entering into an agreement. That is to talk about every possible “what if “ scenario, before they sign an agreement. And, of course, the solutions they agreed upon should be included in the written agreement.
I always advise partners to see a lawyer to craft their agreement, but I advise them to wait until they have discussed these scenarios so their decisions and solutions can be included. Boilerplate agreements should serve ONLY as a guide. You want to make sure that your agreement is unique to you and your business.
Most people take so much for granted upon entering a business relationship with someone else that they inevitably run into trouble. Even when you know each other well, don't assume you know where the other person stands on anything. There are many other situations that should be treated as a bonafide business partnership. People ask me frequently if joint ventures are partnerships. Such arrangements are usually that two people with separate businesses collaborate on a time limited and well-defined project. And yes, they should be treated as partnerships. A written agreement is needed no matter how short-term or small the project is. The decisions need to be about how ownership is going to be divided? Is there a description of who does what? How are the expenses and profits divided? Does one person feel they are doing an unfair amount of the work? What are the steps to create the project and what will be the conclusion? How will the partnering end? Without having discussed these first, and coming to decisions that satisfy both partners, they may be headed for trouble.
At a wellness program I recently attended, I heard a nurse note that extremely ill people often ask her “What could I have done to prevent this?”. It reminded me of all the partnerships who come to me when things have deteriorated between them and they are either in court or one step away from it. There is a great deal that can be done to prevent the worse from happening.
Because I cannot coach everyone personally, I have created a number of tools to help partnerships succeed. Take advantage of them. Whatever investment you make up front will be miniscule compared to the cost of a broken partnership later.
Here are some tools I suggest for you:
FREE partnership assessment with 3 FREE bonus mp3 downloads of interviews of successful partnerships. One of them is with a married couple who are business partners. Learn their secrets and adopt the ones that will work for you. Get this FREE package at www.businesspartnershipsuccess.com
If you are considering a partnership or would like to go back and do some of the thoughtful work you skipped before becoming partners get the 15 very important questions to ask yourself and your partner for only $14.95. www.coachingforyournextlevel.com ....click on business partners in the left menu.
Invest in yourselves by purchasing the Blueprint package including the “What If” Scenarios, the 7C's Danger Signs to Avoid and other bonuses. See the description at www.businesspartnershipsolutions.com. At an introductory price of $497 you will get a very worthwhile return on this small investment.
More tools to come.... You have made a serious investment, both financially and emotionally to create this business. Do everything you can to make it a joyful success. Feel free to email your comments and questions.info@businesspartnershipsolutions.com
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