Business partnerships are vital to the US economy yet their failure rate is alarming: 70% of them don’t make it. Dr. Lehavi is leading the charge to reverse this statistic. As a business partnership relationship coach, she intimately knows the impact that these partnerships have on cofounders, employees, customers, families, local communities, and global markets. Business Partnership Essentials walks you through every phase of the process—from choosing the right partner and operating your business on a daily basis, all the way through to exit and planning for the unexpected. This book is not a book on business startups and so it does not address the finances of starting up a partnership, but rather, it focuses on agreeing on all aspects of your relationship with your business partner. Following Lehavi’s guidance will ensure that you’ve done everything you can to help your partnership succeed.
Innehållsförteckning
Part I: Choosing the Right Partner 1
Chapter 1: Hook Up or Stay Solo: The Benefits of a Partnership 3
Advantages of a Partnership 4
The End of Isolation 5
Shared Risks and Responsibilities 5
Aligned Individual Strengths 5
Two Heads (and Hearts) are Better Than One 6
Why Do You Want a Business Partner, Honestly? 6
A Final Word About Going Solo 7
ESSENTIAL QUESTIONS: 7
Chapter 2: Your Significant “Business Other”: Choosing the Right
Partner 9
Compromise Improves the Bottom Line 10
Even Near Perfect Partnerships Benefit from Good Communication 10
Doomed from the Start 12
Three Essential Words: Communication, Transparency and
Responsibility 14
Everyone Loses When Playing the Blame Game 15
I’ve Got Your Back 16
Improved Communication Benefits All Your Relationships 16
Communication in the Online World 17
Chapter 3: Getting to Know You: Playing the Field with a Purpose 19
How to Date Your Potential Partner 19
Continue Being Open and Honest During the Dating Process 20
Avoiding Confrontation Leads to Confrontation 21
Specific Topics That Should be Addressed with Your Partner 22
Partners Must be on the Same Page from the Beginning 25
Partnerships Can End When Values Change 26
Are Complementary Skills Required? 26
Keep Dating and Keep Asking Questions 27
Chapter 4: All in the Family: Partnering with Friends, Spouses and
Relatives 29
Working with Relatives: How Do You Fire Mom? 29
Working as a Team Makes This Partnership Work 30
Best Friends as Business Partners 31
A Friendship Saved 32
Married Partners: Saying “I Do” Twice 33
One Sentence Changed the Business 34
Keep Business and Married Time Separate 35
Married Business Partners Defy the Odds 35
Chapter 5: Take a Vow or Walk Away: Deciding to Move Forward or Not 39
A Model Partnership . . . Again and Again 40
Part II: Planning for Your Future Together 43
Chapter 6: Setting a Solid Foundation: The BPAT 45
The Business Partnership Agreement Template 46
Drafting the BPAT 47
Writing It Down Can Save Anguish in the Future 49
BPAT Saves the Business 50
Mission and Vision Statements: An Important Part of the BPAT 52
Vision Statement 52
Partnership is Successful All the Way Through to Exit 52
Mission Statement 53
Live Your Mission Today and Plan Your Vision for the Long-Term 54
Other Important Elements of the BPAT 55
Chapter 7: ‘Til Death or Design Do We Part: Planning a Winning Exit
Strategy 57
Exit Strategy Considerations 58
Enjoying Retirement: Life After the Sale of a Business 58
Do Periodic Assessments of Your Exit Strategy 60
Chapter 8: The Partnership Agreement: Putting Your Handshake on
Paper 63
Five Key Elements of a Partnership Agreement 64
1. Financial and Other Contributions by the Partners 64
2. Equity Shares in a Business Partnership 64
3. Restrictions of Authority and Expenditures 66
4. Partner Duties and Responsibilities 67
5. Dispute Settlement Strategy 68
Chapter 9: The Future is Now: Formulating Your Business Plan 71
Your Business Plan is a Living Document 72
A Typical Business Plan Outline 73
Executive Summary 73
Business Strategy 73
Financial Plan 73
Marketing Strategy 74
Community Participation 74
Areas of Responsibilities and Tasks 74
Chapter 10: Life Happens: Preparing for “What Ifs” and the Unexpected 77
Vision What Ifs 78
Finance What Ifs 78
Employee What Ifs 79
Daily What Ifs 79
Personal Life What Ifs 79
Exiting What Ifs 79
Part III: After the Honeymoon 81
Chapter 11: Finding Your Daily Rhythm 83
Keeping the Home Fires Burning 83
Daily Meetings 84
Weekly Meetings 84
Monthly Meetings 85
Annual Meetings 85
What Happens Within the Meetings 86
Meeting Topics for Discussion 86
Chapter 12: Listen Up: Essential Communication Skills 89
Improve Your Listening Skills 90
Get rid of the idea that you have to be right 90
Listen with an open mind 90
Actively participate by giving positive feedback 90
Allow for the possibility that you have something to learn from the
other person 91
Forget about preparing your response 91
The Value of Compromise 92
Chapter 13: Trouble in Paradise? Conflict Resolution Basics 97
Red Flags That Your Business Partnership is in Jeopardy 99
Averting a Crisis 100
An Exception to the Rule 101
When a Conflict Erupts 102
Part IV: Collaborations Is the New Currency 105
Chapter 14: A Word About Joint Ventures 107
Collaborations for a Cause 109
Chapter 15: Parting Thoughts on Partnerships 111
Essentials to Your Partnership Success: A Summary 111
A Final Note Before I Leave You to Your Business Partnership 112
Appendix A: Keys to Effectively Delegating and Having Time for
Yourself 115
Eight Keys to Successful Delegation 115
Appendix B: Business Partnership Success Meter 117
Success Meter Scores 118
Index 119
Om författaren
Dorene Lehavi, Adjunct Professor, School of Social Work, USC, Los Angeles; Business Partnership Relationship Coach
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