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Business Partnership Advisor Together, we can fix your business and partnership problems Chris Reich, Business Mediator Chris, My business partner and I can no longer work together. I want to buy him out, but I'm afraid the process of negotiating...
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.
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.
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.
When partners seek mediation to resolve conflicts or disputes, it is important that they approach the process with a civil and respectful attitude. Partnership mediation is a non-adversarial way of resolving disputes, and it requires cooperation and collaboration from both parties.
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.
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)
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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