In addition, it is possible to work with other businesses, and it is possible to cost as usual. Following these ten tips, not only will you make a partnership job for you and your business, but it will happen if things go wrong
It's tough. :
Tsutsutsutsu
Article body:
Copyright 2006 Stephen Furnari
Entrepreneurs are one of the best ways in which he or she can find the investment funds necessary to grow their business, strategic or joint ventures in a good partnership, each partner has the other party It will bring missing expertise and assets, but it is necessary for the business to be successful.
If you do the right thing, you can partner in a global business If you are motivated to do so, it will be a difficult and time-consuming change. Partnerships help to expand market share, gain new competitive advantage, and respond and adapt quickly to market changes.
But business
In my practice, entrepreneurs often come to me when it's too late. In a typical scenario, communication is broken between partners, kicked out of their business, money is stolen and everyone is about to sue everyone.
It is advantageous to this. What I have found is that $ 1,500 and $ 7,500 for a simple partnership, as my clients do this upfront work, when helping my clients delineate their relationship with a writing partner before I begin Don't hire my company to sue (or defend a lawsuit) their partner when things go bad
What I found was to have a longer, successful partnership at the time of hashing from their relationship terms before the future business partners begin and to help the future business partners start a conversation with a considerable amount of legal fees To, I created a survey of business partners. To get your free copy, email me at sfurnari@furnarilevine.com.
Here are some examples of other suggestions that you may use for your partner's court!
1. Back to basics
There are also partnerships to decide potential partners for hunting before, so it is a business plan that you could not have. I will go. What is your organization's goal? What are these goals to help you with your partner? Is it consistent with the purpose of your company? A partnership is not a magic bandage that solves your company's problems. If you feel that your decision to the partner is a defensive move, it is probably an indicator of core issues that should be fixed within your company, not just because it relies on things to start your business as well Rush to the partnership.
2. Deadly E: Ego & Emotion
It is a partner with the situation that captures the deadly mail. Surrounded by the countless of the official documents and the important decisions to be made, your ego claims that you can come back later so as not to bite you For example, you as the company's official decision maker By distinguishing yourself, you are also responsible for the decisions of your partner. There are your feelings that can lead you to form unrealistic expectations or impromptu promises or commitments just as dangerous.
3. Do not ignore the opportunities available. /
Cash-poored entrepreneurs tend to stop their search for partners once they find the first person to demonstrate their ability to write a check. Is a potential partner with a contract pending. Aggressively cultivating your alternative can give you a better perspective on the partnership process and allow you to ask yourself "This" can help you open this option, compare and relative benefits / The disadvantage is the partnership. Not only does this prevent you from spending extra time, money and effort on subprime partner candidates, but you decide whatever you have made
Also, consider possible opportunity costs. Along with the benefits of the partnership, also assume responsibility, such as your partner's competitor. Is this fact inconsistent with potential future opportunities?
4. Make an exit strategy before you begin
Be realistic. Dispute is an unavoidable task and how tough it gets. Let's introduce the skin Let's collaborate with the exit from the tok ... and discuss. The next opportunity to prepare for your stay. You and your partner are still in good condition, but in case you and your partner decide not to work together anymore, your business also ends prematurely, such as the death of the partner In case you need to agree on what to do with your business or assets. Having an exit strategy helps maintain your autonomy.
5. Map your mutual expectations in writing
Prepare a plain English road map of the relationship between you and your partner before you begin, and perhaps before you meet with your lawyer. Its flexible structure makes sure you are most satisfied In order to try different relationship configurations. And most importantly, you clearly distinguish business issues from legal issues and save money on lawyers only to discuss the latter
This brings us to the next point.
6. Closer
Get legal advice from scratch. Let your lawyer know what your purpose is and what he or she needs to get there. The lawyer can also assess how realistic or beneficial your aspiration is. They can formulate your negotiations and plan for what you ask for. Also, be aware that the lawyer representing the other side is what you are looking for. You and your future partners should first discuss the business aspects of your relationship.
7. What
A good leader knows when to delegate responsibility. Do not try to do everything yourself. The procedure is carefully selected and there are numerous functions such as credibility consultants, employees, people who can communicate etc. Lawyers, accountants and managers have purpose, specialty to what may be overly optimistic plans Being able to provide a much more up-to-date outlook and a more realistic tone. Having technical and expert advisors in hand also helps to understand the financial and operational implications associated with both parties.
8. Make waste quickly (expensive)
That's true, time is money. While neglecting the details of a shortcut is a delay in forming a bad judgment in the case of bad judgment if it is a partnership. If your partnership blows, remember that doing things right the first time will cost you much more time, money and heartache.
9. Don't overlook the details
As an entrepreneur, I already have the skill to watch big pictures. But that is the detail that will eventually add value to your vision. Covering the following locations will help you to buffer you against uncontrollable changes in the market, operating costs, and feelings between you and your partner: The goals and expectations of each partner Establish the contributions of each partner in terms of funding, skills and time to establish. For example, decide who manages the partnership, who receives training, and hires an employee. Plan the purpose of evaluation, plan how to monitor and evaluate performance, and decide the steps to solve problems when things go wrong.
10. Trust your gut
Except for my current partner is a guilty bad business partner. "My" is my partner, with that type of setting of the company It was a social acquaintance who enjoyed so much, but throwing money, emotions, power, and financial risks into the mix, things quickly became tense.
We have a business partner listed first. However, I sat down with the quaint Vermont restaurant and one of the partner's tossed Patantrum. The very logical and arithmetic decisions for me were very emotional for this person. After the explosion, I had a bad feeling about the interpersonal dynamics of the partnership. I decided to go ahead anyway because the economic prospects were remarkable.
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