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.”
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.
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.
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.