Protect Your Business from Recession by Fixing Your Partnership

August 15, 2019

Business Partnership Advisor

Together, we can fix your business and partnership problems

Chris Reich, Business Luminary

Protect Your Business from Recession by Fixing Your Partnership

Email of the week:

Chris, there’s a lot of tension in our partnership. I’m worried about recessionand think we should be careful about spending. My partner wants to expand now. What do you advise?

Is Recession Coming? Yes.

Let me start by saying that I believe recession is coming. I predicted the 2008 recession. I also put out strong warnings months ago for the recession that is coming soon. So, yes, I believe there is a dangerous recession right around the corner. 

Of even greater concern to me is the state of global politics. Tensions are rising all over the globe. The U.S. and China are in a nasty trade dispute. China is facing a serious challenge in Hong Kong. Britain is pulling out of the EU in a nasty way. India and Pakistan are at each other over Kashmir. Iran is seizing ships. Venezuela is in chaos. Anti-American sentiment is rising in Mexico. The world is in a fragile state. The powder is dry and we must be careful of a spark that could cause a major explosion.

Should You Expand Your Business or Not?

That depends on the business. If the economy gets tough, will more people come to your business? Remember, people seek necessities and bargains when money is tight. Do you offer an essential service or product or something that can wait? That’s the biggest deciding factor.

A Serious Recession is Coming Says Chris Reich of TeachU

A Serious Recession is Coming Says Chris Reich of TeachU

Chris Reich, Business Mediation

Fix Your Partnership NOW

Before you make decisions about expansion or cuts in the business, get your partnership in order. When business partners feud, it hurts the business. When business partners get on the same page and work together, the enterprise has a much higher chance of surviving a major downturn in the economy.

Talk. Patch up your differences and then set measurable goals together. If you can’t do that, get an expert to help you talk through the problems and help you set those goals.

If you do that, the rewards will be huge.

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“A recession IS coming. The best thing you can do to protect your business is to strengthen your business partnership.”

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This is a very funny vieo about the tribulations of video conferencing.

Funny Friday: Video Conferencing

Video Conferencing is sometimes riddled with issues. If you’re working remotely this should give you a good laugh. Enjoy, Chris Reich

If you are in a dispute with your partner, do NOT stop working!

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.

Learn How to Draft Agreements with Your Partner by Chris Reich

How to Draft Resolutions to Strengthen Your Partnership

I recommend that partners talk through a specific issue and then draft an agreement (called a resolution) that sets a policy. You can keep this in a binder to serve as amendments (or foundation) to your Partnership Agreement. In this post I’ll explain how to talk about things that bug you with your partner and how to draft a binding resolution to fix the problems.

When Politics and Business Partners Don't Mix by Chris Reich

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.

Chris Reich

Related Posts

Do Not Stop Working if You Want to Leave the Partnership

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.

How to Draft Resolutions to Strengthen Your Partnership

How to Draft Resolutions to Strengthen Your Partnership

I recommend that partners talk through a specific issue and then draft an agreement (called a resolution) that sets a policy. You can keep this in a binder to serve as amendments (or foundation) to your Partnership Agreement. In this post I’ll explain how to talk about things that bug you with your partner and how to draft a binding resolution to fix the problems.

When Politics and Business Partners Don’t Mix

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.

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