Daily LaunchTip, February 20, 2009
Daily LaunchTip, February 20, 2009
Nina Kaufman, Esq., Founder, Ask The Business Lawyer/The Legal Edge LLC
As a business attorney with experience participating in partnerships, I have advised many entrepreneurs about the process and can say without hesitation that there’s much more to successful business pairings than merely intuition. Just because you’re great friends or you’ve collaborated on a project or your inner voice is telling you to go for it, you’ve got to realize that casually getting along is VERY different from running a business together. Too often entrepreneurs, and especially women, don’t go through the steps of creating a partnership agreement and exploring whether they would truly be able to manage employees, balance books, find customers, agree on a logo, and still speak to each other at the end of the day. But taking time to write down the who, what, why and where of how you’re going to work together is the very exercise that can help you uncover the difference between business compatibility and best buddies. Don’t skip it!
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Nina:
This is an extremely important tip. I had a disastrous experience with a partner in co-authoring a book. I had wanted to do the written groundwork you suggest but she refused to do so. That should’ve been my first clue that all would not go smoothly. We were not best buddies at the start–merely acquaintances–however, in a year’s time we were not even speaking.
Fran Thomas
http://www.francesothomas.com
True…very true – two women I know met at a farmer’s market in Berkeley, CA. One had design skills, the other baking; they opened up a wonderful bakery in San Francisco. Long story short, one ended up leaving, selling to the remaining partner. The relationship had all the potential to go far, business and friendship. Hopefully, they will remain friends.
Have a good weekend.
Sandy
http://www.CivilSplit.com
I’m in the process of dissolving a partnership. I have taken to heart what I’ve learned from this experience and obviously moving on. As I am sad that our business relationship has ended, I do feel a sense of great hope and excitement as I take the business to the next level on my terms.
Maria Millsap
Banana Blossom Press
http://www.bananablossompress.com
Reading this post and these comments is so helpful. I may be launching a partnership soon and this gives me a lot to think about. Are there specific questions/issues that you wish you had asked in the beginning that you didn’t? I would appreciate any more advice on this.
Thanks!
Andrea
http://www.boliblingdesigns.com
I can’t agree more & learned from experience! It is also advisable to really think long & hard & go through the same processes if you are considering going into business with family or even hiring family. I have seen too many situations that have turned out very badly because of misunderstandings & different philosophies on how a business should be run.
Margie Basaraba
Paycation & Now Shopping Specialist
http://www.margieb.info You are invited to
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I would advise that you seek counsel with your future business partner.
Maria Millsap
http://www.bananablossompress.com
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