Thursday, March 31, 2011
Wednesday, July 28, 2010
Life Goes On
Life is a journey and mine is taking me to the position of wanting to expand my horizons and do more, different and better. I love having helped those I have worked with personally and to some limited degree will be available to continue with a few private clients. However, I am feeling a strong desire to use my skills and experience to reach a far wider audience. I don't know where this part of my journey will take me, but I am excited to find out. I also know it's not only a destination, but the journey itself that is of great value.
I invite you to stay in touch. You can email me at dl@partnershipagreementspecialist.com, or call me at 323-931-7204.
You will still be able to order my extremely helpful tools for Business Partners and for those of you who want to know how to Stop Doing What You Hate - Start Doing What You Love, or how to take Joy Breaks.
AS A FINAL PARTING GIFT I am offering all my products at a 50% discount for one day only. PLEASE NOTE that the Prep Kit For Business Partners with the bonus of a free session with me will NOT be offered again. In the future, you will be able to buy the components separately, but I will not be offering them as a package anymore. Currently, the package sells for $497. But, with today’s special offer, you’ll get 50% off that price!
Go to http://www.coachingforyournextlevel.com/Products.html and enter the following coupon code: 50PERCENT
THIS OFFER ENDS IN 24 HOURS.
I hope that all of you are enjoying your journey and have developed the awareness that you are much more than you think you are.
My best wishes for your success and with love,
Dorene
I invite you to stay in touch. You can email me at dl@partnershipagreementspecialist.com, or call me at 323-931-7204.
You will still be able to order my extremely helpful tools for Business Partners and for those of you who want to know how to Stop Doing What You Hate - Start Doing What You Love, or how to take Joy Breaks.
AS A FINAL PARTING GIFT I am offering all my products at a 50% discount for one day only. PLEASE NOTE that the Prep Kit For Business Partners with the bonus of a free session with me will NOT be offered again. In the future, you will be able to buy the components separately, but I will not be offering them as a package anymore. Currently, the package sells for $497. But, with today’s special offer, you’ll get 50% off that price!
Go to http://www.coachingforyournextlevel.com/Products.html and enter the following coupon code: 50PERCENT
THIS OFFER ENDS IN 24 HOURS.
I hope that all of you are enjoying your journey and have developed the awareness that you are much more than you think you are.
My best wishes for your success and with love,
Dorene
Your Partner is Your Friend and So Lack of Sales Is Not the Problem
Often, I am asked, “should I be a partner with my friend, or relative?”. My answer is “maybe”, depending on a lot of details that I am not discussing here. Let’s assume the answer in your case is “yes”. Then, what are the particular challenges you will face?
The major one is that you will act out your friendship or relationship during the course of doing business. The way to avoid that is to structure business behavior in such a way that relegates your personal relationship to secondary status during business hours.
One married couple I coached solved this aspect of their business/marriage by making strict rules about the hours when business is conducted and when they are being a married couple.
They have scheduled business meetings on a regular basis with a clear business agenda. They even schedule an annual retreat to do the yearly reevaluation of where they’ve been and where they want to go.
Another partnership business owned by two friends, had been communicating very casually with each other about the business, when we began coaching. Their lack of clarity trickled down to employees who floundered rather than produced. They identified the problem as lack of sales, when, in fact, upon closer examination it became clear that the lack of sales was only a symptom of something more systemic. The problem was their friendship, which they put first throughout the day. They didn’t discuss their systems in a business-like manner, and as a result there were no clear instructions, expectations, or even numbers for their sales team.
Of course, once you know enough about each other and yourself, a partnership with a friend can be very successful. Take the steps I’ve been discussing in most of my newsletters to establish a clear-cut partnership agreement. Make sure your communication is detailed and very clear to avoid misinterpretations and misunderstandings. Keep your friendship second, and for after hours. Step into the role of leadership. Stay on top of all information about your business at every level.
Hire an expert to help you stay focused and point out your blind spots. And, enjoy your success!
The major one is that you will act out your friendship or relationship during the course of doing business. The way to avoid that is to structure business behavior in such a way that relegates your personal relationship to secondary status during business hours.
One married couple I coached solved this aspect of their business/marriage by making strict rules about the hours when business is conducted and when they are being a married couple.
They have scheduled business meetings on a regular basis with a clear business agenda. They even schedule an annual retreat to do the yearly reevaluation of where they’ve been and where they want to go.
Another partnership business owned by two friends, had been communicating very casually with each other about the business, when we began coaching. Their lack of clarity trickled down to employees who floundered rather than produced. They identified the problem as lack of sales, when, in fact, upon closer examination it became clear that the lack of sales was only a symptom of something more systemic. The problem was their friendship, which they put first throughout the day. They didn’t discuss their systems in a business-like manner, and as a result there were no clear instructions, expectations, or even numbers for their sales team.
Of course, once you know enough about each other and yourself, a partnership with a friend can be very successful. Take the steps I’ve been discussing in most of my newsletters to establish a clear-cut partnership agreement. Make sure your communication is detailed and very clear to avoid misinterpretations and misunderstandings. Keep your friendship second, and for after hours. Step into the role of leadership. Stay on top of all information about your business at every level.
Hire an expert to help you stay focused and point out your blind spots. And, enjoy your success!
Tuesday, June 22, 2010
Are you and your business partner at odds?
Are you avoiding meeting with your business partner? When you do, is there a lot of tension and everyone is left with hurt feelings? Even more importantly, when you have those conversations, do you leave with nothing accomplished and no decisions made?
You are damaging your business by having this continuous conflict with each other. The solution? Focus on the business – rather than yourselves and your issues with each other. To some, this might seem impossible, but it is a necessary change – unless you are ready to come up with an exit strategy and leave your business. The costs to ending a business are enormous – financial losses, legal costs, and emotional stress will all take a toll. When a business ends, it is not just the partners that suffer the loss – it is everyone from the partners’ families, employees, clients, vendors and even the community.
By focusing on the business – and checking your egos at the door – you are able to make sound, responsible decisions that are important to the success and profitability of your business. As a master business partnership coach, I suggest that my clients take all of the personal emotion and feelings out of these conversations. Another tip is to think of what you would advise someone else to do in that particular scenario – it helps tremendously to take the emotion out of it.
To avoid this – you have to do what it takes. There are conversations that are difficult to have on your own, so that is precisely when to engage an expert business partnership coach to help you have those conversations with each other. A business partnership coach will serve as an independent third party to your conversations. With a business partnership coach, all conversations remain confidential. Additionally, a coach can help you better understand the benefits – and – the consequences of the decisions you and your partner will make. Business owners who are serious about the success of their business invest in a coach to help make those decisions.
You are damaging your business by having this continuous conflict with each other. The solution? Focus on the business – rather than yourselves and your issues with each other. To some, this might seem impossible, but it is a necessary change – unless you are ready to come up with an exit strategy and leave your business. The costs to ending a business are enormous – financial losses, legal costs, and emotional stress will all take a toll. When a business ends, it is not just the partners that suffer the loss – it is everyone from the partners’ families, employees, clients, vendors and even the community.
By focusing on the business – and checking your egos at the door – you are able to make sound, responsible decisions that are important to the success and profitability of your business. As a master business partnership coach, I suggest that my clients take all of the personal emotion and feelings out of these conversations. Another tip is to think of what you would advise someone else to do in that particular scenario – it helps tremendously to take the emotion out of it.
To avoid this – you have to do what it takes. There are conversations that are difficult to have on your own, so that is precisely when to engage an expert business partnership coach to help you have those conversations with each other. A business partnership coach will serve as an independent third party to your conversations. With a business partnership coach, all conversations remain confidential. Additionally, a coach can help you better understand the benefits – and – the consequences of the decisions you and your partner will make. Business owners who are serious about the success of their business invest in a coach to help make those decisions.
Thursday, April 15, 2010
Don’t Ignore This Key Component Of A Successful Partnership
One of the perks of working with a partner is that work gets divided based on each partner’s complementary strengths. It is great to be able to take advantage of someone else’s creativity, knowledge and skills. It’s often a relief to have someone else work in an area that you don’t enjoy, but too often partners take that to mean they can ignore the area the other is in charge of. It is vast a mistake to take such an attitude.
It is extremely important that all the partners keep abreast of all the areas that are not directly theirs, and this particularly means finance. All partners involved need to be “in the know” about the other areas of the business – including project statuses, milestones, key vendors and budgets.
Now, this has nothing to do with not trusting your partner’s expertise. Too often, I have seen business partners discover that they don’t know the first thing about the company’s marketing strategy or hiring processes, and it always happens when they are in a critical situation.
There is one area where it is absolutely critical that each partner be directly and thoroughly involved with. The finances. Cash flow affects everything. Decisions that will affect cash flow need to me made with direct input from other partners. It is a bad idea if only one partner is aware of what is happening in the books.
Admittedly, monitoring cash flow is not everyone’s favorite job, but to be a successful, profitable business, cash flow needs to be discussed and monitored on a regular basis, at the very least, quarterly.
Imagine that you believed everything in your business was great. You weren’t sure what was going on with the finances, or client relations, but that was okay, because you assumed everyone was doing their jobs. You hadn’t bothered with regular partner meetings because again, you thought everything was great. Then, you lose your biggest client. You are not sure what direction the company will take. None of the partners are sure of what any of the other partners were doing – or did not do – to get here.
This happened to a couple of partners who came to me for private coaching. If there had been weekly reports and scheduled, quarterly coming together with the pieces of a complex business, they would have seen it coming. In that case, they would have no doubt prevented this.
Don’t think of your partner’s skills as an excuse for you to not be involved. Share the information on a regular, scheduled basis (I suggest weekly). Discuss the implications. I guarantee you will have a much smoother running machine, more efficiency, time and certainly profits if you each pay attention to the areas that are not your direct responsibility to manage. All of the areas are pieces of puzzle that should be in kept in place.
Here are some l tools I suggest for you:
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.
F*REE GIFTS FOR BUSINESS PARTNERS. Are you considering one or are you in one already? Take my FREE Business Partnership Assessment and receive 3 FREE bonus interviews (mp3s) from my Successful Partnership Series. Find out from others what they do to ensure their success. Immediate download. http://www.businesspartnershipsuccess.com/
Invest in yourselves by purchasing the Blueprint package which includes the guidebook that walks you through the “What If” Scenarios. This process is an absolute necessity to help you create the partnership agreement and exit strategy that you must have in a successful partnership.
The 7C's Danger Signs to Avoid will help you talk about all of those issues that need addressing before the resentment builds and becomes unmanageable.
Other bonuses include Joy Breaks, a series of cd interviews with experts you will need on your team and my well-known guide "Stop Doing What You Hate Start Doing What You Love".
Order the whole package at www.businesspartnershipsolutions.com. At an introductory price of $497 you will get a very great return on this small investment. Payment plans are also available.
If you are a business coach to partnership entrepreneurs you can use these tools in your coaching to ensure that the pitfalls in the partnership relationship do not sabotage the business. Become an affiliate and provide your clients with the Blueprint package to use with your coaching.
More tools to come.... You have made a serious investment, both financially and emotionally to create this business. Do everything you can to make sure it succeeds.
Feel free to email your comments and questions. info@businesspartnershipsolutions.com
It is extremely important that all the partners keep abreast of all the areas that are not directly theirs, and this particularly means finance. All partners involved need to be “in the know” about the other areas of the business – including project statuses, milestones, key vendors and budgets.
Now, this has nothing to do with not trusting your partner’s expertise. Too often, I have seen business partners discover that they don’t know the first thing about the company’s marketing strategy or hiring processes, and it always happens when they are in a critical situation.
There is one area where it is absolutely critical that each partner be directly and thoroughly involved with. The finances. Cash flow affects everything. Decisions that will affect cash flow need to me made with direct input from other partners. It is a bad idea if only one partner is aware of what is happening in the books.
Admittedly, monitoring cash flow is not everyone’s favorite job, but to be a successful, profitable business, cash flow needs to be discussed and monitored on a regular basis, at the very least, quarterly.
Imagine that you believed everything in your business was great. You weren’t sure what was going on with the finances, or client relations, but that was okay, because you assumed everyone was doing their jobs. You hadn’t bothered with regular partner meetings because again, you thought everything was great. Then, you lose your biggest client. You are not sure what direction the company will take. None of the partners are sure of what any of the other partners were doing – or did not do – to get here.
This happened to a couple of partners who came to me for private coaching. If there had been weekly reports and scheduled, quarterly coming together with the pieces of a complex business, they would have seen it coming. In that case, they would have no doubt prevented this.
Don’t think of your partner’s skills as an excuse for you to not be involved. Share the information on a regular, scheduled basis (I suggest weekly). Discuss the implications. I guarantee you will have a much smoother running machine, more efficiency, time and certainly profits if you each pay attention to the areas that are not your direct responsibility to manage. All of the areas are pieces of puzzle that should be in kept in place.
Here are some l tools I suggest for you:
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.
F*REE GIFTS FOR BUSINESS PARTNERS. Are you considering one or are you in one already? Take my FREE Business Partnership Assessment and receive 3 FREE bonus interviews (mp3s) from my Successful Partnership Series. Find out from others what they do to ensure their success. Immediate download. http://www.businesspartnershipsuccess.com/
Invest in yourselves by purchasing the Blueprint package which includes the guidebook that walks you through the “What If” Scenarios. This process is an absolute necessity to help you create the partnership agreement and exit strategy that you must have in a successful partnership.
The 7C's Danger Signs to Avoid will help you talk about all of those issues that need addressing before the resentment builds and becomes unmanageable.
Other bonuses include Joy Breaks, a series of cd interviews with experts you will need on your team and my well-known guide "Stop Doing What You Hate Start Doing What You Love".
Order the whole package at www.businesspartnershipsolutions.com. At an introductory price of $497 you will get a very great return on this small investment. Payment plans are also available.
If you are a business coach to partnership entrepreneurs you can use these tools in your coaching to ensure that the pitfalls in the partnership relationship do not sabotage the business. Become an affiliate and provide your clients with the Blueprint package to use with your coaching.
More tools to come.... You have made a serious investment, both financially and emotionally to create this business. Do everything you can to make sure it succeeds.
Feel free to email your comments and questions. info@businesspartnershipsolutions.com
Monday, April 5, 2010
What Is The Cost of Ignoring the Basics in A Business Partnership?
Business partners often call me and complain. It’s my job to listen , provide suggestions and coach them to the solution. What are they complaining about? Most often they see themselves doing much more work than their partner – putting in longer hours, working weekends. They lose trust in the partner. They resent them. They want out.
Why do people wait for a crisis to happen before they get help? Why are partners so afraid to examine their relationship in the beginning? That could be the reason 70% of business partnerships fail. They not only lose their investment – but they can damage relationships with family, friends, clients and employees.
They fear to discover what they hope is not true. They want to avoid knowing or admitting the things that may hinder the dream of owning a business. As a result, they choose to live with the anger and let the resentment increase inwardly. But in fact, it is the avoidance itself that will cause the loss. I like to compare resentment to a tooth cavity. It won’t disappear on its own and will get worse if not treated.
When my clients work with me, and openly talk about what is making them so angry they discover the issue is usually resolvable and not nearly as big as they felt it to be. Our unspoken fears seem far bigger than they actually are in reality.
It is my mission in life to do everything I can to save business partnership relationships. Because I can only privately coach a limited number of clients, I have created unique do-it-yourself tools that can be used easily by partners. I have products to meet every budget.
Let me know what is causing you fear in your business partnership!
"Never let the fear of striking out get in your way." - George Herman "Babe" Ruth
Here are some l tools I suggest for you:
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.
F*REE GIFTS FOR BUSINESS PARTNERS. Are you considering one or are you in one already? Take my FREE Business Partnership Assessment and receive 3 FREE bonus interviews (mp3s) from my Successful Partnership Series. Find out from others what they do to ensure their success. Immediate download. http://www.businesspartnershipsuccess.com/
Invest in yourselves by purchasing the Blueprint package which includes the guidebook that walks you through the “What If” Scenarios. This process is an absolute necessity to help you create the partnership agreement and exit strategy that you must have in a successful partnership.
The 7C's Danger Signs to Avoid will help you talk about all of those issues that need addressing before the resentment builds and becomes unmanageable.
Other bonuses include Joy Breaks, a series of cd interviews with experts you will need on your team and my well-known guide "Stop Doing What You Hate Start Doing What You Love".
Order the whole package at www.businesspartnershipsolutions.com. At an introductory price of $497 you will get a very great return on this small investment. Payment plans are also available.
If you are a business coach to partnership entrepreneurs you can use these tools in your coaching to ensure that the pitfalls in the partnership relationship do not sabotage the business. Become an affiliate and provide your clients with the Blueprint package to use with your coaching.
More tools to come.... You have made a serious investment, both financially and emotionally to create this business. Do everything you can to make sure it succeeds.
Feel free to email your comments and questions. info@businesspartnershipsolutions.com
Why do people wait for a crisis to happen before they get help? Why are partners so afraid to examine their relationship in the beginning? That could be the reason 70% of business partnerships fail. They not only lose their investment – but they can damage relationships with family, friends, clients and employees.
They fear to discover what they hope is not true. They want to avoid knowing or admitting the things that may hinder the dream of owning a business. As a result, they choose to live with the anger and let the resentment increase inwardly. But in fact, it is the avoidance itself that will cause the loss. I like to compare resentment to a tooth cavity. It won’t disappear on its own and will get worse if not treated.
When my clients work with me, and openly talk about what is making them so angry they discover the issue is usually resolvable and not nearly as big as they felt it to be. Our unspoken fears seem far bigger than they actually are in reality.
It is my mission in life to do everything I can to save business partnership relationships. Because I can only privately coach a limited number of clients, I have created unique do-it-yourself tools that can be used easily by partners. I have products to meet every budget.
Let me know what is causing you fear in your business partnership!
"Never let the fear of striking out get in your way." - George Herman "Babe" Ruth
Here are some l tools I suggest for you:
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.
F*REE GIFTS FOR BUSINESS PARTNERS. Are you considering one or are you in one already? Take my FREE Business Partnership Assessment and receive 3 FREE bonus interviews (mp3s) from my Successful Partnership Series. Find out from others what they do to ensure their success. Immediate download. http://www.businesspartnershipsuccess.com/
Invest in yourselves by purchasing the Blueprint package which includes the guidebook that walks you through the “What If” Scenarios. This process is an absolute necessity to help you create the partnership agreement and exit strategy that you must have in a successful partnership.
The 7C's Danger Signs to Avoid will help you talk about all of those issues that need addressing before the resentment builds and becomes unmanageable.
Other bonuses include Joy Breaks, a series of cd interviews with experts you will need on your team and my well-known guide "Stop Doing What You Hate Start Doing What You Love".
Order the whole package at www.businesspartnershipsolutions.com. At an introductory price of $497 you will get a very great return on this small investment. Payment plans are also available.
If you are a business coach to partnership entrepreneurs you can use these tools in your coaching to ensure that the pitfalls in the partnership relationship do not sabotage the business. Become an affiliate and provide your clients with the Blueprint package to use with your coaching.
More tools to come.... You have made a serious investment, both financially and emotionally to create this business. Do everything you can to make sure it succeeds.
Feel free to email your comments and questions. info@businesspartnershipsolutions.com
Monday, March 22, 2010
The Most Important Thing Your Partnership Needs
The most important thing your partnership needs is a partnership agreement. The partners that I coach in my business all had good intentions when they entered the partnership, and because they trusted and liked each other, many sealed the deal with a handshake. Unfortunately, that is not a great idea. It’s not even a matter of being untrustworthy, but rather coming to a clear understanding that is in writing. People mean different things even using the same words. Once it is written it should be revisited at least once a year and can be revised if it no longer is serving you. But at least it eliminates an “I said, you said scenario” which happens with the best of intentions.
As I have told you before, the alarming statistic is that 70% of business partnerships fail. My mission is to save more and more business partnerships each year. Part of achieving that mission is encouraging you to create an agreement with your partner before you move one step further in the business.
A partnership agreement allows you to structure your relationship with your partner for the long haul. You and your partner can establish amount of profits (and losses) each of you will take, the management responsibilities of each partner, the financial responsibilities, what will happen in the event someone leaves the business, and other important issues. While I hope you never have to take the agreement to court, it is a great tool to use as you live your business, from the beginning to the exit strategies.
Below, find my 6 must-haves for your business partnership agreement.
1. Financial contributions by the partners.
These should include the amount of equity invested by each partner, how profits and loss will be shared and the pay and compensation of eachpartner.It's critical that you and your partner work out and record who's going to contribute cash, assets, or professional services to the business before it opens. Outline these things very specifically. Disagreements over contributions and compensation have doomed many promising businesses.
2. Restrictions of authority and expenditures.
Without an agreement that outlines the authority of each partner, any partner can bind the partnership (for example - signing a contract with a vendor or incurring a debt for new equipment) without the consent of other partners. Decide how decisions about expenditures will be made and how they will be authorized.
3. Duties and responsibilities.
You would be wise to outline these duties in advance - think of it as writing a job description. Who is in charge of accounting? Who is in charge of hiring employees and negotiating salaries? Who is in charge of vendor management? Go through the day to day operational needs, and make sure everything is covered. Make sure to utilize each other's strengths.
4. Provisions for admitting new partners.
My hope is that your business grows and grows, so you may want to eventually bring in new partners. Agree now on a process for bringing in new partners.
5. Dispute settlement strategy.
It is vital to have a plan of resolution in the case of a stalemate between you. Some options used by others are a 49/51 split in the different areas of expertise, for example the one who is most responsible for this area of your business decides. Or you may call in an expert in the field, if not actually to decide, at least to advise. A coach or mediator might by used. You can even decide to flip a coin, but make sure whatever you decide is written in your agreement. You can always change it, but have something there that you discussed and decided.
6. Have an exit strategy.
An exit strategy should include settlement due to personal injury or death. How assets will be distributed upon dissolution. What if one of you wants to retire and retain ownership or on the other hand be bought out? How is ownership retained by the remaining partner? Discuss every possible What IF Scenario that you can think of.
Please let me know if you have any questions that I can answer for you!
PS - Is there anything that you had in your partnership agreement that you believe was either beneficial or harmful to your success? Let me know and I will share it with my readers.
Best wishes,
Dr. Dorene Lehavi
PS You have made a serious investment, both financially and emotionally to create this business. Do everything you can to make it a success. Use my Blueprint Package’s What If Scenario Handbook to help you create a dynamite partnership agreement unique only to you. See the whole package at www.businesspartnershipsolutions.com.
As I have told you before, the alarming statistic is that 70% of business partnerships fail. My mission is to save more and more business partnerships each year. Part of achieving that mission is encouraging you to create an agreement with your partner before you move one step further in the business.
A partnership agreement allows you to structure your relationship with your partner for the long haul. You and your partner can establish amount of profits (and losses) each of you will take, the management responsibilities of each partner, the financial responsibilities, what will happen in the event someone leaves the business, and other important issues. While I hope you never have to take the agreement to court, it is a great tool to use as you live your business, from the beginning to the exit strategies.
Below, find my 6 must-haves for your business partnership agreement.
1. Financial contributions by the partners.
These should include the amount of equity invested by each partner, how profits and loss will be shared and the pay and compensation of eachpartner.It's critical that you and your partner work out and record who's going to contribute cash, assets, or professional services to the business before it opens. Outline these things very specifically. Disagreements over contributions and compensation have doomed many promising businesses.
2. Restrictions of authority and expenditures.
Without an agreement that outlines the authority of each partner, any partner can bind the partnership (for example - signing a contract with a vendor or incurring a debt for new equipment) without the consent of other partners. Decide how decisions about expenditures will be made and how they will be authorized.
3. Duties and responsibilities.
You would be wise to outline these duties in advance - think of it as writing a job description. Who is in charge of accounting? Who is in charge of hiring employees and negotiating salaries? Who is in charge of vendor management? Go through the day to day operational needs, and make sure everything is covered. Make sure to utilize each other's strengths.
4. Provisions for admitting new partners.
My hope is that your business grows and grows, so you may want to eventually bring in new partners. Agree now on a process for bringing in new partners.
5. Dispute settlement strategy.
It is vital to have a plan of resolution in the case of a stalemate between you. Some options used by others are a 49/51 split in the different areas of expertise, for example the one who is most responsible for this area of your business decides. Or you may call in an expert in the field, if not actually to decide, at least to advise. A coach or mediator might by used. You can even decide to flip a coin, but make sure whatever you decide is written in your agreement. You can always change it, but have something there that you discussed and decided.
6. Have an exit strategy.
An exit strategy should include settlement due to personal injury or death. How assets will be distributed upon dissolution. What if one of you wants to retire and retain ownership or on the other hand be bought out? How is ownership retained by the remaining partner? Discuss every possible What IF Scenario that you can think of.
Please let me know if you have any questions that I can answer for you!
PS - Is there anything that you had in your partnership agreement that you believe was either beneficial or harmful to your success? Let me know and I will share it with my readers.
Best wishes,
Dr. Dorene Lehavi
PS You have made a serious investment, both financially and emotionally to create this business. Do everything you can to make it a success. Use my Blueprint Package’s What If Scenario Handbook to help you create a dynamite partnership agreement unique only to you. See the whole package at www.businesspartnershipsolutions.com.
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