Are You Having Business Partner Problems?
Having business partner problems?
Many people decide to venture into business with a business partner. They think it will be easier doing it with someone versus doing it by themselves which can ultimately create business parter problems.
I know when I started my business, I wanted someone to bounce ideas off and that could propel the business at a faster pace.
The past couple of months I have talked to over 30 people and about 90% of them have a partner that the business has outgrown. So what do you do? What can you do?
Business Partner Problems: The Solutions
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- Have a heart-to-heart conversation with your partner and let them know that things are not working. If they have the same opinion, you can work together in re-shaping your partner’s role; get them the training or business coach that they need. Contact me here, and I can help. Having a 3rd party coaching and finding them their new position and responsibilities is a great solution, even if you don’t use me 🙂
- If they don’t agree that there’s a problem you need to develop an operating agreement that legally documents each partner’s responsibilities. This way, if they do not perform, you can move them out of their role. I went through this option. I sat down with my partner and asked him what he wanted to accomplish each quarter and year. I then tied his role and compensation to his goals in the operating agreement.
- If they do not agree with having a problem and they will not agree to an operating agreement, you need to buy your partner out. This will seem hard at first, but this will change your business for the better. Most people think that they need to write a huge check to their partner to buy them out. That is one way, but not the way I would suggest. You first need to get an outside valuation of the agency and then work with a 3rd party on an exit for that partner. Most agencies pay the exiting partner over a set period of time, which is traditionally 2-3 years.
I would love to hear your business partner problems, stories and thoughts on this topic. And, if you can use my help click here so we can chat.
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