Business Partnership Advisor
Together, we can fix your business and partnership problems
Chris Reich, Business Luminary
Business Partnership: Where is the Love?
“I know this shouldn’t matter but my business partner never tells me I’m doing a good job. Am I being petty?”
Just Do Your Job!
Assuming there is some agreement about duties, shouldn’t partners just do their jobs? Yes, of course. But it’s still important to support each other as partners. As owners, partners in a business share responsibility and the liability as well the benefits of entrepreneuership. Telling your partner that you appreciate their contribution is part of being a good business partner.
People get discouraged when they aren’t acknowledged.
Chris Reich provides Business Partnership Mediation in all 50 states.
Only Give Recognition if You Mean It
If your partner isn’t performing, don’t lay on the praise because they will recognize your insincerity. I know when I’ve done a great job and I know when I’ve come up short. Getting false praise when you know you’ve blown it hurts more than it helps. Your partner knows when she’s done a great job.
So if you don’t mean it, don’t do it. But what to do instead?
If your partner is, in your opinion, under-performing, ask a question rather than try to praise the problem away or worse, by trying to motivate by constructive criticism. It rarely comes across as constructive. Ask, is everything okay with you? Are feeling okay these days? Are you feeling stress from the business? These questions are open-ended and invite dialogue.
If you are pleased with the work your partner is doing, say it! We ALL like to hear it. In the most bitter mediation sessions I conduct, the most common complaint is, “he never says anything good about what I do.”
Would your partner say that about you?
Chris Reich, Business Partnership Mediator
“If your partner is, in your opinion, under-performing, ask a question rather than try to praise the problem away or worse, by trying to motivate by constructive criticism. It rarely comes across as constructive.”
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 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.
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.
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.