R. Shawn McBride recently spoke about great partnerships.
Hey, everyone, it’s your friend Shawn. I’m talking about what makes great partners. It’s a wonderful question. It’s a great thing to think about. The old saying goes, “We get to pick our friends “but we don’t get to pick our family.” Well, the good thing is in most cases, we get to pick our partners. We get to pick who we do business with, so what makes for good partners?
Well, when I did my talk for TEDx, I talked about the advantages of women in business partnerships, and what’s interesting is many of the things that women do great that lead to great businesses are the same things that work for all business partners, so we’re talking about cooperation, communication, and compromise, all these things to be working together.
One of the big things I see with great partners is they’re thinking about the future and they’re thinking about how they work more together, how they can do more as a team versus what they get individually. The bad partnerships are often individually motivated. What am I bringing to the table? What do I get for this? How does this work? And there certainly should be an element of that, right? Every partner should be getting more out of a partnership than what they would be getting individually, but the great partners are thinking, how does this team create more value?
Look at all the things we’re doing as a team. Look at what we’re doing. Very inclusive environment, so you’re looking for people like that, and you’re looking for somebody that you have fundamental alignment with, you have the same values, you’re going in the same direction. You’re working together, you’re learning with each other, but you’re also bringing unique skills and differences to the team so that you’re helping and complementing each other. So you’re looking for all these factors in how the partners should work together, so you really want somebody you can work with.
Now of course, even with finding that perfect partner or that person you can really work with, you want to know that you may go different directions. Your teams may diverge. You may hit a point where it is an important decision in business you decide to go a different direction, but you always want to have a buyout or breakup provision so you want to work through that. If you’re not familiar with those, check out some of our earlier videos. Join the Our Shawn McBride public page on Facebook. We’ve already got videos on that. McBride for Business YouTube channel has videos, as well. Go check those out.
The McBride for Business blog has lots of blogs on this topic along with the McBride Attorneys blog. Check out all those resources. There’s a business valuation checklist for you at McBride for Business. Go grab that, and let me know how I can help you. Email me, let me know. Share this content with other people. Let them know what we’re doing, let them know what’s out there, let me know how I can help, and of course if I can come speak to your audience or your group or coach a group of business owners or work with employees on empowering their dreams, I would love to do that. Just reach out, we’ll see what we can set up. Shawn McBride signing off. I will see you again soon.
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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 Andrea Kratzenberg.
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.