R. Shawn McBride discusses the importance of finding the right partner.
Hi everyone, Shawn here with you again, talking about picking that business partner that’s going to make you millions. How do you determine, really who is that right business partner, and how you avoid getting into business with the wrong partner. Very important issue, very early decision you’re going to have to make. But there can be huge differences between the business partner that ends up in litigation with you, drags you down, tears your business apart, versus that business partner that your teammates stand by your side. And it really builds something that’s going to stand the test of time.
So how do we know, what are we looking for, how do we determine which side of the ledger we’re on when we’re looking at potential business partners? Well, number one, you need to have a real conversation, and this is where all business partnerships and partners need to start. You need to get that whiteboard out, you need to talk about what you’re each going to do and what you each expect from the partnership. Contributions in, what you’re taking out, you need to have a very real discussion.
You’re also going to discuss dividing authority. Who does what? When? How? And how do we deal with a differential conversation?
And then how are we going to deal with the inevitable changes in life, when things happen. The four D’s – Death, disability, divorce, disagreement. We need to have a plan for each of these, and understand how the business partners are going to relate to each other, and how they’re going to work together over time. So, these are all critical things as we’re building our business.
So, you’re looking for a business partner that can be your partner, teammate, can co-operate on these things, so that you can do great things to build it. If you have that kind of fundamental alignment, now you’re starting to indicate that this might be a good business partner, you might have a chance for success together so that you can build more. You really want to get deep into those discussions. Get into written business plans where you’re really talking about what the business is going to be, make sure you’re both have the same ideas of what the business is and where it’s going. From there you can move forward. So, these are the kind of issues you’re dealing with.
I encourage you to check out the McBride for Business blog and the law blog. Subscribe to our YouTube channel at mcbrideforbusiness, and make sure you subscribe to and like the R Shawn McBride Fans and Audiences pages on Facebook. Lots of great videos there, content and a community around these types of issues, really going to help you step your business up to the next level. There’s a free checklist for you to download, go grab that.
And reach out to me, and let me know how I can help you, whether that would be a Keynote address, training, working with your organization, 101 with some folks, talking to you the business owner, or if you just have a general informal question, just feel free to shoot it on over to me, would love to talk to you. R Shawn McBride signing off, I’ll see you again very soon.
Make sure you download our free checklist to assess your business.
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 Mike Johnson.
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.