Business Partnership Essentials: A Step-By-Step Action Plan for Succeeding in Business with a Partner, Second Edition

ISBN-13: 9781547416172 / Angielski / Miękka / 2017 / 151 str.

Lehavi, Dorene

Opis

Business Partnership Essentials walks you through every phase of business partnerships--from choosing the right partner and operating your business on a daily basis, all the way through to exit and planning for the unexpected. This book will serve t

Recenzje

Dr. Lehavi is boldly helping to reverse the 70% business partnership failure rate in the United States.

-Shahab Kaviani, co-founder of CoFoundersLab (a Onevest Company)

Business Partnership Essentials is clear, compelling and filled with essential information that not many partners think about before they are in over their heads.

-Noah Alper, founder of Noah's Bagels and Bread and Circus

Dr. Lehavi has laid out this information so practically that implementing it is a no-brainer. Doing so will help partners reduce the risks in this critical relationship.

-Barry Moltz, speaker, author and small business consultant, www.barrymoltz.com

Spis treści

Part I: Choosing the Right Partner  1

Chapter 1: Hook Up or Stay Solo: The Benefits of a Partnership  3

Advantages of a Partnership  4

The End of Isolation  5

Shared Risks and Responsibilities  5

Aligned Individual Strengths  5

Two Heads (and Hearts) are Better Than One  6

Why Do You Want a Business Partner, Honestly?  6

A Final Word About Going Solo  7

ESSENTIAL QUESTIONS:  7

Chapter 2: Your Significant “Business Other”: Choosing the Right

Partner  9

Compromise Improves the Bottom Line  10

Even Near Perfect Partnerships Benefit from Good Communication  10

Doomed from the Start  12

Three Essential Words: Communication, Transparency and

Responsibility  14

Everyone Loses When Playing the Blame Game  15

I’ve Got Your Back  16

Improved Communication Benefits All Your Relationships  16

Communication in the Online World  17

Chapter 3: Getting to Know You: Playing the Field with a Purpose  19

How to Date Your Potential Partner  19

Continue Being Open and Honest During the Dating Process  20

Avoiding Confrontation Leads to Confrontation  21

Specific Topics That Should be Addressed with Your Partner  22

Partners Must be on the Same Page from the Beginning  25

Partnerships Can End When Values Change  26

Are Complementary Skills Required?  26

Keep Dating and Keep Asking Questions  27

Chapter 4: All in the Family: Partnering with Friends, Spouses and

Relatives  29

Working with Relatives: How Do You Fire Mom?  29

Working as a Team Makes This Partnership Work  30

Best Friends as Business Partners  31

A Friendship Saved  32

Married Partners: Saying “I Do” Twice  33

One Sentence Changed the Business  34

Keep Business and Married Time Separate  35

Married Business Partners Defy the Odds  35

Chapter 5: Take a Vow or Walk Away: Deciding to Move Forward or Not  39

A Model Partnership . . . Again and Again  40

Part II: Planning for Your Future Together  43

Chapter 6: Setting a Solid Foundation: The BPAT  45

The Business Partnership Agreement Template  46

Drafting the BPAT  47

Writing It Down Can Save Anguish in the Future  49

BPAT Saves the Business  50

Mission and Vision Statements: An Important Part of the BPAT  52

Vision Statement  52

Partnership is Successful All the Way Through to Exit  52

Mission Statement  53

Live Your Mission Today and Plan Your Vision for the Long-Term  54

Other Important Elements of the BPAT  55

Chapter 7: ‘Til Death or Design Do We Part: Planning a Winning Exit

Strategy  57

Exit Strategy Considerations  58

Enjoying Retirement: Life After the Sale of a Business  58

Do Periodic Assessments of Your Exit Strategy  60

Chapter 8: The Partnership Agreement: Putting Your Handshake on

Paper  63

Five Key Elements of a Partnership Agreement  64

1. Financial and Other Contributions by the Partners  64

2. Equity Shares in a Business Partnership  64

3. Restrictions of Authority and Expenditures  66

4. Partner Duties and Responsibilities  67

5. Dispute Settlement Strategy  68

Chapter 9: The Future is Now: Formulating Your Business Plan  71

Your Business Plan is a Living Document  72

A Typical Business Plan Outline  73

Executive Summary  73

Business Strategy  73

Financial Plan  73

Marketing Strategy  74

Community Participation  74

Areas of Responsibilities and Tasks  74

Chapter 10: Life Happens: Preparing for “What Ifs” and the Unexpected  77

Vision What Ifs  78

Finance What Ifs  78

Employee What Ifs  79

Daily What Ifs  79

Personal Life What Ifs  79

Exiting What Ifs  79

Part III: After the Honeymoon  81

Chapter 11: Finding Your Daily Rhythm  83

Keeping the Home Fires Burning  83

Daily Meetings  84

Weekly Meetings  84

Monthly Meetings  85

Annual Meetings  85

What Happens Within the Meetings  86

Meeting Topics for Discussion  86

Chapter 12: Listen Up: Essential Communication Skills  89

Improve Your Listening Skills  90

Get rid of the idea that you have to be right  90

Listen with an open mind  90

Actively participate by giving positive feedback  90

Allow for the possibility that you have something to learn from the

other person  91

Forget about preparing your response  91

The Value of Compromise  92

Chapter 13: Trouble in Paradise? Conflict Resolution Basics  97

Red Flags That Your Business Partnership is in Jeopardy  99

Averting a Crisis  100

An Exception to the Rule  101

When a Conflict Erupts  102

Part IV: Collaborations Is the New Currency  105

Chapter 14: A Word About Joint Ventures  107

Collaborations for a Cause  109

Chapter 15: Parting Thoughts on Partnerships  111

Essentials to Your Partnership Success: A Summary  111

A Final Note Before I Leave You to Your Business Partnership  112

Appendix A: Keys to Effectively Delegating and Having Time for

Yourself  115

Eight Keys to Successful Delegation  115

Appendix B: Business Partnership Success Meter  117

Success Meter Scores  118

Index  119

O autorze

Dorene Lehavi, Adjunct Professor, School of Social Work, USC, Los Angeles; Business Partnership Relationship Coach