Make a Succession Plan for the Family Business
Family Business Succession Planning: Make a definite plan. How will they support the parents and when can they take charge. That’s what they want.
10 Tips to Conduct a Successful Partnership Buyout
Before I offer you my tips on conducting the buyout negotiations with your partner, let me offer a big piece of advice. Use a Mediator. I say that because there is a LOT of emotion around buyouts. It is an extremely personal and emotional process. People always underestimate just how emotional separating from a business is.
6 Steps to Deal With a High Conflict (Bully) Business Partner
The High Conflict Business Partner AKA the Bully is the most difficult type of person to deal with. Here are 6 Tips to help you deal with the Bully Partner.
5 Red Flags That Say Your Business Partnership is in Trouble
Business partnerships can be a fantastic way to pool resources and knowledge in order to create a successful enterprise. However, even the most well-intentioned partnerships can break down if certain warning signs are ignored. In this post, I will point out the 5 red flags that should never be ignored when you see them in your business partnership and provide you with guidance on how to deal with them.
Plan for the Day a Partner Wants to Leave the Business
If you have read my other posts, you know I strongly encourage people who form Partnerships to create a Partnership Agreement. The document must specify how a Partner can leave the Partnership voluntarily while ensuring that the business is protected from two potential disasters: firstly, by avoiding terms that could bankrupt the business, and secondly, by preventing the admission of unplanned Partners.