Business Partnership Advisor
Together, we can fix your business and partnership problems
Chris Reich, Business Luminary
Are You Looking for a Mediator In…?
This Week’s Email Pick
“Chris, I have a serious problem with my business partner and need someone to mediate a solution. I’d like to have you help us but we’re on the opposite side of the country. How can that work?”
First, Decide If You need a Mediator or an Attorney
When a business partnership is in trouble, there is much to consider before setting the best approach to fixing the problems. First, we need to consider how much is at stake. If the business is small and new and there is little initial investment, it’s probably not worth getting attorneys involved.
Attorneys are expensive. A business attorney will cost $300 per hour and up. And there’s no limit on up. You’ll pay for every minute. Call and ask a question and you’ll see it on your bill. And the other partners need to have their own attorneys. That can add up to a lot of cost which is hard to recover. If there is a lot of money at stake, you might have to use the services of a business attorney. A lot? Most attorneys won’t even consider a case with less than $100,000 on the table. You won’t get recovery of legal fees if you win (there are some rare exceptions) so expect your attorney fees to come out of your pocket. The attorney you choose will have to be licensed to practice in your state and if the case goes to court you’ll want an attorney in your area.
Big Cases Can Be Mediated at Far Lower Cost
Just because a case is big doesn’t mean you shouldn’t use a mediator. If there are no legal violations and if people are willing to talk about mutually agreeable solutions, a mediator like me can help you work things out at a fraction of the cost of litigating your case. I have helped people reach agreements in business worth millions. With a lot of money at stake or when the goal is to repair the partnership and preserve the enterprise, I travel to the client and work in person with all parties. Again, because I use an entirely different rate structure than a business attorney, I guarantee you’ll save a lot of money. Besides, you only pay one person unlike attorneys where everyone needs one if only one person ‘lawyers up’. Even when I travel to a site, the cost is far less than using local lawyers.
I work all over the U.S. and often cases can be resolved using video meetings only. Chris Reich
By nattu under CC BY License
Travel Is Not Always Necessary
I am able to resolve nearly all casses using video conferencing. Working by phone and video is effective and saves money. I use a service that makes it very easy for you. You’ll get a link by email. When the meeting day and time comes up, simply follow the link to join the secured, private meeting. It is almost like a face-to-face meeting but without the tension of sitting across the table from someone you’re having issues with.
I have worked out large cases using video conferencing. Often we can adopt changes to the partnership that not only resolve the arguments but also add to the profitability of the business. My method is unique in that I see the business as the client and if I can help the business, it will translate to help for the partnership.
Yes, You Can Work with a Business Mediator Who Is Far, Far Away
So you see? That may sound a bit self-serving but I am proud of the work I do. I care about your business and I work very hard to take the tension out of the even the most stressful partnership situations.
Call for a free consultation and learn about how we can get your business partnership problems resolved.
Chris Reich (530) 467-5690
“Looking for a business partnernership mediator in your area? Call me. I can help.”
Chris Reich, TeachU
Partners in a business partnership, other than limited partners, have legal obligations to the partnership that are called the Fiduciary Partnership Duties. In this post, we’ll look at these duties and, hopefully, clarify what they mean.
Many people are trying to work out new arrangements with their business partner but find themselves in bad place on the calendar. Despite both parties agreeing to a change, it could take months to worth out the terms. Don’t worry.
This might surprise you. Compensation does not have to be equal in a 50-50 partnership. You can, in fact, do anything you want as long as it’s agreeable with your partner or partners. Read on!
When business partnerships go bad, very often someone wants out. That starts one of two possible processes. The business enters Wind Down and begins the process of closing or the partners start discussing a Buyout.