Q/A How Do I Know If a Partnership Is Right For My Business?
Today’s question was submitted by Esti Allina-Turnauer on our Facebook Fan Page www.facebook.com/SecretsOfHerSuccess. Please add your own suggestions, insight, thoughts, answers for her in the comments below.
Q. How do I know if a partnership is the right thing for my business right now?
A. So, that’s one of those million dollar questions… should I or shouldn’t I? And, you have the extra added bit to your question “… right thing for my business right now?”
Secret Panel Member, Lynn Scheurell, of www.MyCreativeCatalyst.com, answers this question for you:
“A partnership does one of two things: gives you access to skills, expertise, resources and experience you don’t have and shares the commitment to what you’re doing in your business with someone else who believes in it as much as you do. You can have a business partnership OR you can have a project partnership, which is what I generally advocate. All too often entrepreneurs are focused on getting a partner as a way to stave off their own fears rather than showing up all the way for themselves and their businesses. To get around that, a specific project partnership (like a joint venture) can work very well.
If you decide to move forward with a business partnership, I recommend that you have some serious conversations before you move ahead. Ask things like: what happens when one of us is having a bad day? How do we point out that the other isn’t following through on commitments? What is the exit strategy for our partnership? How will we know when to call it quits? And then document it… it doesn’t need to be fancy, but it does need to be in writing so your operating guidelines for the partnership are clear in advance.
Lastly, you’ll know if partnership is the right thing if you cannot see yourself moving forward in your business without a partner AND you believe in your business. If it feels right, follow that… and give yourself permission to see what internal insecurities are being filled by an external person. ;+)”
- Lynn Scheurell
Creative Catalyst
My Creative Catalyst
http://twitter.com/lynnscheurell
www.facebook.com/lynnscheurell
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I love what Lynn shares. I could rattle off a bunch of pros and cons but that’s something you’ve probably already done and for the most part that’s the easy part . I’ll provide a few links to some articles that do a good job of pro’s and con’s. But, I so agree with what Lynn says about having some serious conversations and asking the right questions. Here are a few more great questions to consider from: The Only Business Partner Guidelines You Will Ever Need
- How well do you two argue together?
- How does the other person react when the chips are down?
- How has your prospective partner handled success and failure?
- What is his or her attitude toward money?
- What are your visions for how the company should grow?
Here are some additional resources that may be helpful
Should I Take On A Business Partner?
Should You Have A Business Partner?
Pick The Right Business Partner
Have your own question you’d like answered by the SOHS experts? Please… Ask away! Contact Me
Filed under: Q & A
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I am an online business expert and have coached internet marketing & online business development programs for some of the big names like Joe Vitale and Bob Doyle (You may know them from the movie "The Secret") as well as Nitro Marketing with Matt Gill & Kevin Wilke.
Dear Lynn and Darcy,
This was really helpful.
I went through a ‘lookin’ for a hero’ stage before when approached with people with money and know-how. I have gained a greater sense of myself and my vision for my business this year and opportunities have come along.
The partnership involves a group of people, who have contacts and the funding to catapult my business. I am just about running on fumes at the moment.
I also have the benefit of a joint venture of sorts that’s running in the background and given me the benefit of hindsight in that I can already see the short-comings, and what I don’t want in a future deal is very clear.
In consultation with a businessman/lawyer we’ve found a structure that both protects the interest of my company and any previous business deals while forming a new relationship with a clean slate freeing my new partners of my past mistakes and debt.
I will review the resources here to be best prepared as I enter negotiations with this group.
Thanks again for addressing this question for me.
Hi Esti -
Sounds like you are creating some great opportunities – sometimes they come at the moment when we think we have to surrender. And that’s exactly the moment that we open to the energy of it all… ;+)
The phrase ‘freeing my new partners of my past mistakes and debt’ stands out to me, so I am compelled to comment. Please know that you are where you are as a result of the discoveries you made in the lessons you’ve experienced… in the greatest sense, there are no mistakes. Please forgive yourself to move forward faster in this new venture.
And money is just money… when you align with your abundance formula, and get the blocks handled, you will handle the debt. It’s no bigger than that… you did what you believed best at the time, and that’s all you can do. You’re being responsible now – I get it – but no need to punish yourself with harsh judgment. That’s just a drag on your future that you don’t need to endure… :+)
I look forward to celebrating all your successes… :+)
With good energy ~
Lynn
Lynn Scheurell
Creative Catalyst
http://www.mycreativecatalyst.com