Partnership and General Business Advice by Chris Reich
Partnership Advice and Business Improvement Tips
by Chris Reich, TeachU
These articles are here for you to use freely. Share them with your business partners and employees. You are free use business tips in newsletters or your own blog posts. All I ask is that you cite the source as Chris Reich, TeachU.com. (A link would be GREAT!)
I spend the time to produce these tips to help people in business. Feel free to send me your thoughts: [email protected]
Succession Planning in Family Business
Let’s look at how to plan for the next generation of your family to run your business. It’s never too early to make a succession plan and the earlier you start, the more options you have.
How to Escape Your Business Partnership
How do I get out of my partnership? And, it’s the biggest reason I am always ranting about having a Partnership Agreement. Without a Partnership Agreement, your options are very limited. You accept anything your partner is willing to give you, or you can dissolve the business.
Don’t Risk the Money You Put Into Your Partnership
Somebody puts up money with someone who agrees to contribute labor as their contribution to an equal Partnership. Once things are set up, and a lot of money is spent, the other Partner fails to perform, and the troubles begin. I get 2-3 calls like this every week.
Your Business Partner Keeps Taking Money from the Bank Account
Partners take advantage of partners every day and they get away with it. It is the most painful call I get. It sounds like this, “I put all the money I had into starting our business. My partner had bad credit and no money, but he promised to do all the work to get the business going.
Terrible Tension In Family Business Partnership
In family businesses, when things break down, they really break down. The stress level is much higher than when a typical partnership has issues.
How to Get Out of a Partnership LLC
While it seems like it should be very easy to get out of an LLC, it can be complicated. Even if the business is very small, there are considerations beyond getting your money back. In this post, I’ll try to hit the important points of getting out of an LLC Partnership. These same items apply if you want to remove a member from your LLC too.
Business Mediator Can See Around Corners to Help You
Sometimes people will intentionally make an effort to trigger anger, frustration, or irrational behavior. As a Business Partnership Mediator, I see this behavior often and can help calm things down so we can have a rational discussion toward resolution. Seeing ahead is a super-power! I can see where the problems are and the best possible outcome.
How Long Does Business Mediation Take?
The amount of time needed to work out an agreement is in the hands of the disputing partners. We could talk a few minutes about options and reach agreement. But that never happens.
Ultimatums Kill the Chance of Reaching Agreement Between Partners
Whenever a partner makes an ultimatum when I’m working to bring people together, the damage is almost always irreparable. Issuing an ultimatum is a disrespect to me as a mediator and the other partner or partners involved. Line-in-the-sand demands take away any room for negotiation.
The Partner You Have or the Partner You Wish You Had
We often form partnerships because of the way the relationship works. One person wants to be in charge and the other is fine with that. Then something comes up and the expectations cause tension. We have to deal with the partner we have, not the one we wish we had.
Things to Know About Partnership Buyouts— Part 2
Here are more things you need to know if you are opening buyout talks with your business partner.
Things to Know About Partnership Buyouts— Part 1
Buyouts between partners are usually mired in things that people think are legal entitlements. Let’s look at the most common misconceptions around buyouts.
Violence By a Business Partner Is Never OK
If your business partner ever is violent, call 911 immediately. Yes, even if he missed. You want to document threats of or actual violence.
Why Is This a Big Surprise in Buyout Negotiations?
Don’t be surprised if parties act in their own best interest during negotiations. That is normal. I would be surprised if they didn’t!
Negotiate Your Best Partnership Buyout Using Game Theory
Game Theory is a very useful tool in business negotiations. In this post, I’ll give a broad overview on how Game Theory can help you negotiate your best deal with your business partner.
When Does a Partnership Begin? And End?
I get calls from frustrated business partners all the time. Often, the level of tension is so high, that one partner will move the banking, hide the books, take out a lump sum of cash, close out all social media, or some other drastic measure before properly closing out the partnership. This post explains when it is legal to take action in a partnership when a partner is disruptive.
The Fiduciary Duties of Partners in a Business Partnership
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.
You Can Backdate Agreements in Business Legally
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.
Discuss, Agree, and Document How Partners Will Be Paid
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!
In Mediation Use Sense and Don’t Fight Over Cents
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.
Most Popular Posts
Succession Planning in Family Business
Let’s look at how to plan for the next generation of your family to run your business. It’s never too early to make a succession plan and the earlier you start, the more options you have.
How to Escape Your Business Partnership
How do I get out of my partnership? And, it’s the biggest reason I am always ranting about having a Partnership Agreement. Without a Partnership Agreement, your options are very limited. You accept anything your partner is willing to give you, or you can dissolve the business.
Your Business Partner Keeps Taking Money from the Bank Account
Partners take advantage of partners every day and they get away with it. It is the most painful call I get. It sounds like this, “I put all the money I had into starting our business. My partner had bad credit and no money, but he promised to do all the work to get the business going.
How to Get Out of a Partnership LLC
While it seems like it should be very easy to get out of an LLC, it can be complicated. Even if the business is very small, there are considerations beyond getting your money back. In this post, I’ll try to hit the important points of getting out of an LLC Partnership. These same items apply if you want to remove a member from your LLC too.
The Partner You Have or the Partner You Wish You Had
We often form partnerships because of the way the relationship works. One person wants to be in charge and the other is fine with that. Then something comes up and the expectations cause tension. We have to deal with the partner we have, not the one we wish we had.
Violence By a Business Partner Is Never OK
If your business partner ever is violent, call 911 immediately. Yes, even if he missed. You want to document threats of or actual violence.
The Fiduciary Duties of Partners in a Business Partnership
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.
Do Not Stop Working if You Want to Leave the Partnership
When the business partnership breaks down, the darker sides of the personalities come through. A dominant partner turns into a bully. A person who does not do well with conflict will withdraw. As the bully gets more aggressive, the pacifist withdraws further. Eventually, the bully gets so angry they are ready to lock the other partner out. The pacifist quits coming in. The next blowout is over money. The course is as logically predictable as what will happen to your car if you hit the highway with no oil in the engine. It will get louder and louder until the engine seizes.
Succession Planning in Family Business
Let’s look at how to plan for the next generation of your family to run your business. It’s never too early to make a succession plan and the earlier you start, the more options you have.
How to Escape Your Business Partnership
How do I get out of my partnership? And, it’s the biggest reason I am always ranting about having a Partnership Agreement. Without a Partnership Agreement, your options are very limited. You accept anything your partner is willing to give you, or you can dissolve the business.
Don’t Risk the Money You Put Into Your Partnership
Somebody puts up money with someone who agrees to contribute labor as their contribution to an equal Partnership. Once things are set up, and a lot of money is spent, the other Partner fails to perform, and the troubles begin. I get 2-3 calls like this every week.
Your Business Partner Keeps Taking Money from the Bank Account
Partners take advantage of partners every day and they get away with it. It is the most painful call I get. It sounds like this, “I put all the money I had into starting our business. My partner had bad credit and no money, but he promised to do all the work to get the business going.
Terrible Tension In Family Business Partnership
In family businesses, when things break down, they really break down. The stress level is much higher than when a typical partnership has issues.
How to Get Out of a Partnership LLC
While it seems like it should be very easy to get out of an LLC, it can be complicated. Even if the business is very small, there are considerations beyond getting your money back. In this post, I’ll try to hit the important points of getting out of an LLC Partnership. These same items apply if you want to remove a member from your LLC too.
Business Mediator Can See Around Corners to Help You
Sometimes people will intentionally make an effort to trigger anger, frustration, or irrational behavior. As a Business Partnership Mediator, I see this behavior often and can help calm things down so we can have a rational discussion toward resolution. Seeing ahead is a super-power! I can see where the problems are and the best possible outcome.
How Long Does Business Mediation Take?
The amount of time needed to work out an agreement is in the hands of the disputing partners. We could talk a few minutes about options and reach agreement. But that never happens.
Ultimatums Kill the Chance of Reaching Agreement Between Partners
Whenever a partner makes an ultimatum when I’m working to bring people together, the damage is almost always irreparable. Issuing an ultimatum is a disrespect to me as a mediator and the other partner or partners involved. Line-in-the-sand demands take away any room for negotiation.
The Partner You Have or the Partner You Wish You Had
We often form partnerships because of the way the relationship works. One person wants to be in charge and the other is fine with that. Then something comes up and the expectations cause tension. We have to deal with the partner we have, not the one we wish we had.
Most Popular Posts
Succession Planning in Family Business
Let’s look at how to plan for the next generation of your family to run your business. It’s never too early to make a succession plan and the earlier you start, the more options you have.
How to Escape Your Business Partnership
How do I get out of my partnership? And, it’s the biggest reason I am always ranting about having a Partnership Agreement. Without a Partnership Agreement, your options are very limited. You accept anything your partner is willing to give you, or you can dissolve the business.
Your Business Partner Keeps Taking Money from the Bank Account
Partners take advantage of partners every day and they get away with it. It is the most painful call I get. It sounds like this, “I put all the money I had into starting our business. My partner had bad credit and no money, but he promised to do all the work to get the business going.
How to Get Out of a Partnership LLC
While it seems like it should be very easy to get out of an LLC, it can be complicated. Even if the business is very small, there are considerations beyond getting your money back. In this post, I’ll try to hit the important points of getting out of an LLC Partnership. These same items apply if you want to remove a member from your LLC too.
The Partner You Have or the Partner You Wish You Had
We often form partnerships because of the way the relationship works. One person wants to be in charge and the other is fine with that. Then something comes up and the expectations cause tension. We have to deal with the partner we have, not the one we wish we had.
Violence By a Business Partner Is Never OK
If your business partner ever is violent, call 911 immediately. Yes, even if he missed. You want to document threats of or actual violence.
The Fiduciary Duties of Partners in a Business Partnership
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.
Do Not Stop Working if You Want to Leave the Partnership
When the business partnership breaks down, the darker sides of the personalities come through. A dominant partner turns into a bully. A person who does not do well with conflict will withdraw. As the bully gets more aggressive, the pacifist withdraws further. Eventually, the bully gets so angry they are ready to lock the other partner out. The pacifist quits coming in. The next blowout is over money. The course is as logically predictable as what will happen to your car if you hit the highway with no oil in the engine. It will get louder and louder until the engine seizes.
When Politics and Business Partners Don’t Mix
Unless you are in some sort of political business, you should keep politics out of your establishment completely. Of course, you have freedom of speech, but we are in very contentious times and displays of political or religious positions might be off-putting to to your customers.
Business Partnership Problems with Someone You Were Dating
What happens with the business when people break up? Here’s the information you need to make big decisions and protect yourself.
All work is fully confidential from the first moment of contact. Every new client relationship begins with consultations with all parties. It's important to me that we all feel good about working together before we start. This site does not provide specific legal advice.
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Clients who have worked with lawyers, counselors, consultants, and coaches often tell me that my business mediation service is the best and least expensive way to fix a partnership.
— Chris Reich, Business Mediator