Business Partnership Advisor
Together, we can fix your business and partnership problems
Chris Reich, Business Luminary
Your Business Partnership Can Survive if You Know the “Why”
“If you know the why, you can live any how.”
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I came across this quote recently in a book by Victor Frankl (Man’s Search for Meaning). It struck me immediately as the core question to every partnership mediation. is saying that if you know why you want something, you can figure how to make it happen.
Do you remember why you went into business with your partner? Do you still have any of those feelings? If things were better between you and your partner, would you want to continue working together?
Think about those questions. If you can express why you would like to stay in business with your partner, I can help you figure out how to make it work. It’s that simple. This is why I often can tell in advance if a situation can be resolved or if it’s better for the partnership to dissolve.
This thought process has many great applications. For example, if your business is struggling and you wonder if it’s time to quit, look for the ‘why’ and write it out. Why keep going? Why quit now? You’ll be surprised at how helpful getting clear about why to continue or stop is to finding answers to how you can make that happen.
It works in other ways as well and could help you break a destructive habit. Do you spend unwisely? Ask yourself why you want to spend on something extravagant. If that answer isn’t very satisfying, you’ll know. You’ll know when you are fooling yourself. When that happens, you’ll see that the ‘how’ to afford the expense will fall short when the ‘why’ is weak.
“I want your business to survive. If you can express “why” you want to fix your partnership, I’ll show you how.”
“If you can express why you would like to stay in business with your partner, I can help you figure out how to make it work. It’s that simple.”
There are many things to cover in a solid Partnership Agreement. In this video, I’ll explain the items that need to be covered. You may have other items to include as well. Keep in mind that there are many ways to address each clause. My job is to offer you options and to help partners agree on how they want to address every line item.
Your Partnership Agreement protects your interests. Ideally you would go to a qualified business attorney and have the proper legal document drafted. But if you are putting it off because of the expense, you can get the key items on paper to protect you and your business.
There are times when you legally can and should lock your partner out of the business. But, those are rare circumstances. Locking your partner out, even if your partner is showing bad behavior, open you to potential liability.
I pay close attention to what is expressed during my private interviews before we start a mediation process. There are 3 signs a partnership will fail.