R. Shawn McBride was recently interviewed by Tilde Guajardo on Womanars. In part 4 of that interview, Shawn talks about questions in business.
Tilde: What my question to you is, what are some of the questions. Let’s say there are some people already in business that are thinking of bringing on partners now. They’ve already established maybe an LLC or another type of partnership. What are some questions that they really need to ask, like a top three to five questions that they need to ask anybody that they’re wanting to bring into the business?
R. Shawn McBride: Right, we see this a lot. So they’re bringing people in. Or another realistic scenario too is you’ve had a partnership for a while and you just haven’t revisited these documents so it’s time to go back to look at it. But if you’re bringing in someone you want to understand how they’re going to fit as part of your overall dynamic. That’s probably number one. How do they fit into your team and your environment? How do you expand to allow them into the business? It’s really a new analysis of the things we just talked about, those three C’s. We’re going to do a new analysis of how does this new person work within this environment?
And number two, you want to have a real discussion with these people about what the business is going to look like over time. What are their goals? What are their objectives? What are they trying to accomplish? And how does it fit with the partnership you already have now? Do they have congruent goals? Do they want to build the same type of business that everybody else does? Do they want to cooperate as part of this team?
You’re really asking tough questions at this point about how that dynamics is going to fit together. Then you also want to know, number three. You want to know what they’re expecting from the partnership. I mean, obviously, if all of us are going to put time, effort, energy, and commit ourselves to a business, we want to know what that business is going to do for us. So you’re going to want to ask them a lot of hard questions about their expectations and their desires and what they want to accomplish. How much money do they want to make? When do they want to get paid?
When do they want to exit? We see that issue come up sometimes with partnerships. One partner will want to exit before the other partners. So we’ve got to deal with those kinds of timing issues.
And then the final thing I think is when with these partnerships is you want to understand kind of their philosophy on business. You want to be aligned with the same philosophy. We get a lot of tension where these owners may agree on the three things we’ve talked about before, the money, the time, the effort, and the exit. But they philosophically have different ways of interfacing with customers and doing things, we’re going to have a problem at some point in the future. So we want to get all those pieces working together properly.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer 2brother.com.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.