How to Choose a Business Partner Who
Won't
[BLEEP] You!
Life is complicated enough to
start with, isn’t it?
When you put two or more of those lives
together,
it becomes even more intricate, the problems more knotty,
the
solutions more challenging.
Listen in
to hear Nina talk about How to Choose the Right
Business Partner and change your Business from Tailspin to
Steady!
Nina Kaufman, Esq.
Award Winning Business
Lawyer, Author & Speaker
Entrepreneurship is an
exhilarating ride, but it can lead to relationship myopia. When people
get bitten by the “bug,” they often don’t focus on the fact that doing
what they love, and working with a partner to create a business that
does what they love, are distinctly different things.
That’s why I like to look
at a partnership agreement as an Entrepreneur’s Prenup, a formal
agreement that, as a last resort, provides for the break-up without too
much pain.
Of course, a good partnership agreement should be about more than
calling it quits. A separate operations manual can explain the way
things work day to day. (That’s the business equivalent of who does the
cooking and laundry, who brings home the bacon, how the household bills
get paid, and when and where you take a vacation.)
Although writing all the
details into an agreement, including the “divorce” or exit arrangements,
doesn’t guarantee things will work perfectly, it can increase the
odds for success and truly save a lot of trouble. If you are
considering a partnership or have an existing partnership don't take the
chance that your partnership fails ...
Learn the Ins and Outs of
Business Partnership to Create the
Business of Your Dreams!
Use the questions and
techniques of the Entrepreneur's Prenup, and you will significantly
increase your chances of succeeding in two important respects: finding
the right partner before you make your “vows"; and making the
relationship both profitable and fulfilling. Statistics show a
partnership is still four times more likely to succeed than a sole
proprietorship. Let’s not forget, either, that partnerships collectively
contribute $300 billion -- that’s billion, with a “b” -- to our economy.
In other words, they're worth having!
The Entrepreneur’s
Prenup will help you and your partner to envision your business
together, with great care, consciously. True partnership means
becoming comfortable with compromise, but not becoming compromising.
Your partnership should harmonize the freedom and vision of your
entrepreneurial dreams with the grounded practicality of making a
business work together.
If your goal is a lasting
and honest business partnership, don’t cheat yourself on the process of
discovery that unfolds in the Entrepreneur's Prenup. If you want to be
sure that business partnership is truly the right move for you, join me
on this journey.
"Nina,
I can’t begin to tell you how helpful the partnership
questions from your book were. Not only did they help
guide our thinking, but more importantly, they helped us
save time and money by enabling us to delve into the
toughest partnership issues. Our attorney was incredibly
impressed at how well prepared we were and how much we knew
about building a strong partnership. Because of the
wisdom your book imparted, we were able to discuss issues we
weren't even aware were so important and in the long run our
business has weathered many bumps and thrived in a spirit of
open communication. Thank you so much for sharing all
of your insights with small business owners/partners like
us!"
"Just wanted to let
you know how much I enjoyed the teleconference. Your
advice helped me realize that it’s never too early for
planning and self-evaluation (e.g. money mindset,
expectations, exit strategies). On a personal note, your
humor as a moderator was much appreciated (a real treat for
a West Coaster like me). I know entrepreneurs who could
benefit from The Entrepreneur’s Prenup; I’ll be sure to let
them know about it!
Who Needs It? The road
to business nuptials starts with considering whether a partnership
is right for you at all. Who needs it? Do you?
The Match. A complete
overview on how and where to find your partner.
The Prenup -- What Is
It? Why you absolutely need an Entrepreneur’s Prenup.
How Do You Do It? The
nitty-gritty of your prenup -- how to gather its ingredients, how to
structure your discussions, and why you need a professional
specialist to put them together (you’ll save time, money, and
aggravation!).
Compatibility. How do
you know you're right for each other? A soul-searching approach to
understanding your business mate is as important, in its own way, as
being well-matched in marriage.
Goals. Where are you
headed? You must ensure alignment on the strategic goals for your
business so that both or all the partners are singing from the same
hymn-sheet.
Money. Who contributes
it; who receives it?
Culture. What kind of
work environment do you want to create?
Roles. Who does what?
Learn how to exploit strengths and sidestep weaknesses without
wrapping your hands around your partner’s throat.
Navigation. How can
you stay on an even keel, maintain a steady course, and ensure you
don’t lose sight of your goals and objectives -- or of each other?
Exit. Are we shackled
together forever?
Family. Having a
family member -- especially a spouse -- as a business partner raises
a lot of issues. Your business partnership has a relationship
dimension whose dynamics will have a very definite impact on your
success (or failure).
Investors. They may be
called “silent” partners, but make no mistake: angels will become
very vocal if they feel you’re mismanaging their investment.
Plus useful sources of
information, together with details of the assessment tools I
recommend.
"I
wanted you to know how I enjoyed the teleconference on The
Entrepreneur’s Prenup! I thought I'd just listen, then
ended up taking several pages of notes. I hadn't heard
the description of "money mind-set" put that way before -
very interesting, and so true.”
Monique C.M. Leahy
Wordsworth Law & Medicine Publications mcmleahy@aol.com
Taking on a business
partner is not a decision to be made lightly. It’s much like getting
married. So take your time. Remember, a healthy partnership is a living,
breathing entity. It’s perfectly natural for your answers to many of the
questions here to shift and vary over time. With the tools provided to
you in the Entrepreneur's Prenup you will always have the partnership
guidance you need, regardless of where you are in your partnership
process.
Study in the comfort of
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