Thank you!
I will contact you soon about your Business PartnershipI invite you to read some of my business tips.
How a Mediator Can Help Your Family Business
As Moderator to many family businesses, I have helped with succession planning, compensation planning, and resolving of key questions around the operation of the enterprise. It can be difficult for an adult offspring to talk with Dad about a raise.
What Makes a Contract Legal and Binding?
As you see, a contract can be legal yet not binding. And, the most important take away is that a promise, even if written up and signed, is not binding. If an agreement is not binding, it isn’t enforceable. I assume you want your agreements between you and your partner(s) to be legal, binding, and enforceable. Let’s look at the pieces that must be included to make a valid, binding contract.
The Best Tool for Successful Negotiation
Before I give you the secret to easier and successful negotiation, let me explain a few things that don’t work. In fact, these will work against you. From years of watching people negotiate buying or selling, trying to change processes, or reaching general agreement, I have seen what works and what doesn’t when partners are negotiating with each other.
Problems in the Partnership? Fix the Communication
I’ve found a common problem with communication when I’m conducting mediation meetings. People always think they know what the other party is thinking. They’ll say things like, “I know Bill won’t like this, but I think…” Opening your thoughts with that sort of lead in is going to put ‘Bill’ on edge before you even make your point. Never start by negatively setting the stage. So then, how should you start a conversation about a hard subject? In this post I’ll give you the 7 steps to conduct less tense and more fruitful meetings with your business partner.
The Most Important Clause in Your Operating Agreement
To be fair, many Operating Agreements have at least minimal language regarding a Partner’s voluntary exit from the Partnership. But, most of the time, those clauses are so vague they make the situation worse.
Can You Be You with Your Business Partner?
Partnerships are much like romantic relationships. When it’s all new and exciting, we can easily become infatuated to the point of overlooking differences. After all, don’t the differences make the partnership stronger? Sometimes. Most often differences magnify with time and become triggers to arguments. As time goes by, the differences you ignored become important. What do you do when the differences break the partnership?
Please Read
If you have a problem with a business partner. Let me offer two pieces of advice:
- Don't wait to act. A problem with a business partner will only get worse. That means more expense to resolve, more stress than now, and less chance the business will survive.
- DO NOT make any comments to your partner like "I just want out" or "I don't care what I get; I just want out". Statements like that weaken your negotiating ability. You may find that the other partner may see this as a green light to take even further advantage of you. Never, ever make those statements. Once we sit down with all parties to settle your situation, we can propose that you exit free of all further responsibility and liability. But we never want to make those statements until it's time for serious negotiations. You have rights. Don't throw them away.
Chris Reich (Pronounced Rich)
Business Moderator
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.
Contact Chris
1+ (530) 467-5690
9:00 a.m. - 5:00 p.m.
Pacific Time Zone
Yes, I work nights and weekends by arrangement. Call any time. I will always get right back to you.
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