Perhaps you started a business a while ago and it is going well for the most part, but you decided that you’d like not going it alone.
Maybe you have connected with someone who could be a potential partner. You may have actually met on the tennis court and found that you have some common interests beyond sports.
You arrange to meet for lunch and talk business. In the process you both discover that your business and career goals seem to line up. He likes what you do and is looking to make a move. And, you see someone who can inject some needed capital and even brings skills that, for now, are a little thin in your business.
You arrange to talk again soon. You both are moving ahead emotionally about becoming partners and it looks like the “planning the wedding stage” is gaining momentum.
While your new partner may be inclined to invest the same amount of money that you originally put in, in order to be an equal partner, there are certain considerations that must be faced first.
You know how it feels to be in this business. Your new partner only has an imagined idea of it.
You feel ownership and no matter how happy you are to have a partner, there can be times that you will feel that the business is really your baby. So besides all of the issues that need to be discussed, agreed upon, and written clearly in a start up partnership agreement, in this case additional questions have to be answered.
Here are some of the things you need consider:
Make different arrangements about ownership with this new partner. A trial period can be a very good idea. The reasons are that you haven’t had the time to know each other in the context of working on and in the business. Your new partner won’t know for a few months or longer if he actually enjoys it, and neither of you will know if you like working together for awhile.
If a new partner walks into half ownership by way of whatever agreement you made and then wants to leave in 6 months, he could still retain his share. That might leave you owning half of your business. Discussing and making decisions about buy-backs, equity retention, and other implications is where I advise you to retain high caliber (not necessarily the most expensive) legal and financial advisors.
It is wise not to plan the wedding before you both have answered the 15 Questions which will help you know if you are a potential good match.
Go to http://www.businesspartnershipsuccess.com/ to sign up.
If you decide to move ahead invest the small sum in my Blueprint package where you both will be guided to discuss areas of vulnerability and to decide on as many What IF Scenarios that you can be think of early on.
Go to http://www.businesspartnershipsolutions.com/
The more foundation work you do upfront the more your likelihood to succeed as partners will increase.
Resolve differences or discover early on that you are not a match and remain good tennis buddies.
Feel free to email your comments and questions. info@businesspartnershipsolutions.com
Monday, January 25, 2010
Monday, January 11, 2010
Your Partnership is Great...You Say. Here's How You Can Be Sure.
You may actually be in a pretty good partnership, even one that's lasted for years. So why do I suggest that you take a closer look anyway, with the help of a coach, at least once a year?
Having a third party expert review the way you function as a partnership will bring to light the blind spots. And, believe me, they are there. We can't see ourselves objectively. It is the same reason the greatest athletes need a coach to point out weak spots. A golfer, for example, cannot see his/her own swing.
We often get in the habit of maintaining a facade that "everything's ok". It is often easier to ignore conversations about potentially uncomfortable Issues. However, this can very detrimental to the health of the partnership in the long run.
This type of check up session will enable the small annoyances or "slight" resentments that are there to be brought out in a safe environment so they can be dealt with in a friendly, healthy manner and nipped in the bud. Resentments tend to fester if they are not addressed. Maybe the festering will be slow enough to go unnoticed. However, many seemingly successful, long-lasting partnerships have ended painfully and expensively in court. Resentments fester beyond repair if ignored. A check up session at regular intervals, once or twice a year, can prevent that from happening.
Periodically coaching of a functioning partnership also helps to identify ways in which partners deal well with the business issues and with each. When you know what you are doing right, you can consciously put those methods in your toolbox, build on them and pull them out when things get a little rough. In the process, additional new and even better ways can be created and strategized. There is always room to improve. If you can't see what you are doing wrong, you may also miss what you are doing right.
The most important tool to successful partnership relationships is to communicate. That is a word that merits definition. Communication, for the most part, is effective listening. The goal is not to make your case, or to get your way, but to really deeply hear and respect your partner’s point of view.
A periodic tune up with a third party expert facilitating the discussion can ensure long-term success for any partnership.
Suggestions:
Ask yourself 2 questions: Is there something I am avoiding speaking to my partner about because it feels too painful, annoying, or confrontational? What do I suspect my partner is avoiding bringing up for one of those same reasons?
Book a check-up session.
Here are some additional 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.
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.
If you are a coach to entrepreneurs who may be in a partnership or considering one, you can use these tools in your process of coaching them. 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
Having a third party expert review the way you function as a partnership will bring to light the blind spots. And, believe me, they are there. We can't see ourselves objectively. It is the same reason the greatest athletes need a coach to point out weak spots. A golfer, for example, cannot see his/her own swing.
We often get in the habit of maintaining a facade that "everything's ok". It is often easier to ignore conversations about potentially uncomfortable Issues. However, this can very detrimental to the health of the partnership in the long run.
This type of check up session will enable the small annoyances or "slight" resentments that are there to be brought out in a safe environment so they can be dealt with in a friendly, healthy manner and nipped in the bud. Resentments tend to fester if they are not addressed. Maybe the festering will be slow enough to go unnoticed. However, many seemingly successful, long-lasting partnerships have ended painfully and expensively in court. Resentments fester beyond repair if ignored. A check up session at regular intervals, once or twice a year, can prevent that from happening.
Periodically coaching of a functioning partnership also helps to identify ways in which partners deal well with the business issues and with each. When you know what you are doing right, you can consciously put those methods in your toolbox, build on them and pull them out when things get a little rough. In the process, additional new and even better ways can be created and strategized. There is always room to improve. If you can't see what you are doing wrong, you may also miss what you are doing right.
The most important tool to successful partnership relationships is to communicate. That is a word that merits definition. Communication, for the most part, is effective listening. The goal is not to make your case, or to get your way, but to really deeply hear and respect your partner’s point of view.
A periodic tune up with a third party expert facilitating the discussion can ensure long-term success for any partnership.
Suggestions:
Ask yourself 2 questions: Is there something I am avoiding speaking to my partner about because it feels too painful, annoying, or confrontational? What do I suspect my partner is avoiding bringing up for one of those same reasons?
Book a check-up session.
Here are some additional 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.
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.
If you are a coach to entrepreneurs who may be in a partnership or considering one, you can use these tools in your process of coaching them. 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
Sunday, January 10, 2010
Transparency in Partnerships
It is essential in close relationships that transparency be the rule. If you and your business partner cannot be open and share everything about who you each are, how you feel about things, and be able to talk about them, then I would say your partnership can easily get into trouble. Partnership is like a marriage. Married couples that don't talk about everything, share feelings and resolve issues are easily seen as problematic. The same holds true with your business partner.
Hiding, avoiding, secretly resenting, harboring dissatisfaction are all words and phrases that have no place in successful partnerships.
Try openness with the commitment to resolve any problems to insure the ultimate goal of a long life of happiness and business success.
Listen to how other partners do it..
Free teleseminar http://tinyurl.com/y8jtsqb
Free assessment and interview recordings with successful partnerships.
Listen and adopt their ways for yourself. www.businesspartnershipsuccess.com
Hiding, avoiding, secretly resenting, harboring dissatisfaction are all words and phrases that have no place in successful partnerships.
Try openness with the commitment to resolve any problems to insure the ultimate goal of a long life of happiness and business success.
Listen to how other partners do it..
Free teleseminar http://tinyurl.com/y8jtsqb
Free assessment and interview recordings with successful partnerships.
Listen and adopt their ways for yourself. www.businesspartnershipsuccess.com
Wednesday, January 6, 2010
Your questions about business partnerships answered
It is for you to ask....a Free Teleseminar where you can ask anything you'd like to about business partnerships. Jan. 26, if you can't be there, sign up anyway for free recording. Details at http://tinyurl.com/y8jtsqb
Sunday, January 3, 2010
Do You Value Your Gifts?
by Dorene Lehavi, PhD
I have a divorced friend, Miranda (not her real name) who is 66. She is off to an Eastern European country to teach English as a second language. I met her in the context of our mutual ballroom dance lessons about 18 years ago. She has always amazed me with the way she lives life.
She has climbed the Himalayas and visited almost every corner of the world. She is an avid hiker and camper. She usually camps alone but lately took her 7-year-old grandson to Yosemite. She has been a very creative grandmother involving all of her grandsons in amazing activities.
She has contracted some serious illnesses which she doesn't allow to keep her from adventures.
She has owned property and lost it. She has been financially comfortable and also in dire straits.
She is extremely generous and has acquired the wisdom of a woman who has been through a lot to say the least. She is very curious and will research even the smallest of topics. Bottom line, she is resilient and always picks herself up and moves on.
I recently suggested that she put this adventurous life into a book. She sloughed off the idea as uninteresting and perfectly average. Wow! Not to me! But I understand where she is coming from. We all tend not to recognize our unique gifts because they come easy to us. So we underplay their value and significance. It took me awhile to know that most others don't do what I do well. I always was aware that I don't do what they do. Feeling bad about it is a waste of time and a formula to lower your self esteem.
We all have strengths and unique gifts. Focusing on those and building on them is how we discover that we are much more than we think we are.
My workbook "Stop Doing What You Hate Start Doing What You Love" and the workshops I facilitate are geared to helping participants identify what is very unique and special about themselves. Additionally, participants who choose to can culminate with a collage or vision board depicting their uniqueness.
If you are not able to participate in one of my workshops you can still enjoy the book which has an accompanying mp3 download of me guiding you through the process. BUY HERE
One final thought on this subject. It is foolhardy to compare yourself to anyone else. We are all on our own particular journey in this life, which makes comparing a waste of time that will keep you stuck for as long as you decide to stay there.
Enjoy your journey of self discovery!
Dorene
Copyright © 2009 Dorene Lehavi Ph.D. All rights reserved.
I have a divorced friend, Miranda (not her real name) who is 66. She is off to an Eastern European country to teach English as a second language. I met her in the context of our mutual ballroom dance lessons about 18 years ago. She has always amazed me with the way she lives life.
She has climbed the Himalayas and visited almost every corner of the world. She is an avid hiker and camper. She usually camps alone but lately took her 7-year-old grandson to Yosemite. She has been a very creative grandmother involving all of her grandsons in amazing activities.
She has contracted some serious illnesses which she doesn't allow to keep her from adventures.
She has owned property and lost it. She has been financially comfortable and also in dire straits.
She is extremely generous and has acquired the wisdom of a woman who has been through a lot to say the least. She is very curious and will research even the smallest of topics. Bottom line, she is resilient and always picks herself up and moves on.
I recently suggested that she put this adventurous life into a book. She sloughed off the idea as uninteresting and perfectly average. Wow! Not to me! But I understand where she is coming from. We all tend not to recognize our unique gifts because they come easy to us. So we underplay their value and significance. It took me awhile to know that most others don't do what I do well. I always was aware that I don't do what they do. Feeling bad about it is a waste of time and a formula to lower your self esteem.
We all have strengths and unique gifts. Focusing on those and building on them is how we discover that we are much more than we think we are.
My workbook "Stop Doing What You Hate Start Doing What You Love" and the workshops I facilitate are geared to helping participants identify what is very unique and special about themselves. Additionally, participants who choose to can culminate with a collage or vision board depicting their uniqueness.
If you are not able to participate in one of my workshops you can still enjoy the book which has an accompanying mp3 download of me guiding you through the process. BUY HERE
One final thought on this subject. It is foolhardy to compare yourself to anyone else. We are all on our own particular journey in this life, which makes comparing a waste of time that will keep you stuck for as long as you decide to stay there.
Enjoy your journey of self discovery!
Dorene
Copyright © 2009 Dorene Lehavi Ph.D. All rights reserved.
Subscribe to:
Posts (Atom)
