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If you are working with people you care about and you want to improve how you are working together, look at vision, communication, leadership and fighting fair. Contains best practices on partnering including how to find and work with a partner you care about and a bibliography on partnership.
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©2011 Business Success Center, 1
Working TogetherWithout Killing Each other
Presenter: Jan Triplett, CEO Business Success Center
©2011 Business Success Center, 2
Partners ShareResponsibility
Liability
Control
In order to create the future of the business together or with shared agreement
©2011 Business Success Center, 3
Family Businesses Large & Small
Large
Samsung
Hyundai
LG
Trump Organization — Don & the kids
Golfsmith & Whole Foods before going public
Smaller, Local
Hastings
Chez Zee
Hayes Software
BSC
Any business owned by someone who’s married & lives in a community property state
©2011 Business Success Center, 4
What can happen.
Translation: “Father, founder of the company, son is rich, grandson is poor.”
• The founder works and builds a business• The son takes it over and is poorly prepared to manage and make it grow but enjoys the wealth• The grandson inherits a dead business with an empty bank account.
Padre noble, hijo rico, nieto pobre.
©2011 Business Success Center, 5
From the wonderful people who brought us pizza
Partnership laws originated in the Middle Ages from Italian merchants. • US Partnership Act (1890)
• Uniform Partnership Act (UPA, 1914) • Uniform Limited Partnership Act 1916
©2011 Business Success Center, 6
Partners ContributeMoney
Property
Labor
Skills
And argue about all of these, too!
©2011 Business Success Center, 7
Why Problems AriseDifferent goals
Different styles
Different ethics
Different approach
Different priorities
©2011 Business Success Center, 8
When Problems AriseChoosing a Partner
Working with a Partner
At business crossroads: expansion, contraction, dissolution, cashing out
©2011 Business Success Center, 9
Family Business ProblemsBusiness’ purpose, system, goals & timelines are
not Aligned with the goals of a family memberCompatible with the family as a group In sync between family members
Hard to solve yourself. An independent advisor can see what’s happening and move the members through the problems while keeping the business on course.
©2011 Business Success Center, 10
When Good Partnerships Go Bad
Financial Partner/ Sweat Equity Only Partner
Spouses, siblings, friends
Hush, hush meetings – uninvited consequences
Similar skills & abilities
Small vs. large org experience
Two bosses too many
Your issues?
©2011 Business Success Center, 11
Best Partner PracticesAvoiding Problems
Best Partner Profile™
Compatible Vision & Desired Outcome
Agreement on transference strategy & timeline
Systematic approach
Job descriptions for all
Partnership agreement in place
Open communication
Reducing Problems
Identify areas of difference or disagreement
Set up rules of engagement/ how to fight fair
Abide by rules, adjust as necessary
Support each other; avoid one-upsmanship
©2011 Business Success Center, 12
Stuff Happens … Conflict ID
Characteristics— why is this a problem?
Manifestations — what happens when this conflict happens
Causes — triggers
Brainstorm Solution OptionsArrive at Agreed Upon Ground Rules
©2011 Business Success Center, 13
Vision — the Place to StartRank for you & your partner
Good working conditions
Time off for family or self
Personal growth
Tactful corrections
Good wages
Balancing life and work
In charge
Loyalty
Appreciation of Work
Honesty
Staying focused
Profitability
©2011 Business Success Center, 14
CommunicationHow is this done?
Decisions
New Information
Problems
Future Plans
Regularly
Immediately
Whenever
In secret
©2011 Business Success Center, 15
Leadership…Who’s in Charge of What
• Who decides• Who acts• Who authorizes• Who approves
On what basis?This calls for job descriptions, policies & procedures
©2011 Business Success Center, 16
Especially for Partners
Worth Reading:• Dance Lessons, Chip Bell & Heather Shea• The Small Business Partnership Kit, Robert L. Davidson, III
17
Here’s to your
success!Jan Triplett
Jan TriplettBlog:
http://www.ownersview.com
Sales, Marketing & Financial Management Services
©2011 Business Success Center,
March 11, 2011
