Let any of these 5 situations enter your business and you will destroy your business career:
1º – Stop needing us:
There is a considerable possibility that the power and responsibility structure of the association will begin to change and look very different from 3 to 12 months after the start.
At the beginning of any new company, a dynamic and compelling start-up phenomenon, composed of fear, anxiety, stress and excitement, emerges and is an impressive buster of personal barriers. No facades or charades are the hallmark of a new company. Partners forget about their own needs and are on their best behavior. They are all madly in love.
“They Need Each Other” it is a compelling powerhouse in successful business partnerships. In most societies, that “need” is the glue that holds everything together. As time goes by, especially after the 12th month of being in business, everything and everyone begins to change, evolve, and a shift emerges that will be unsettling and transformative for the business and all players.
See no. #4 for more on “not needing each other”
Solution: Accept the fact that the above information is valid. Discuss it openly with your business partners. Be attentive and sensitive to your business partners and what they say and do and how they say and do it. you do not have to be “a slightly maudlin person.” Think selfishly. Think about protection for your future. Think about protection for the future of your company. Communication, open and civil, is the only preventative measure that will increase the chance of a favorable outcome.
2º- Allow your partner to point out all the expensive gifts that your partner’s partner is receiving and they are not:
Significant people and other family members can be a source of great pain and anguish when it comes to the relationship you have with your business partner.
Greed, jealousy, excessive criticism, resentment in general, lack of tact and superficiality are some of the flies that swim in the ointment of commercial companies. Money and power sometimes bring out the worst in “important people” and family.
Solution: There are two parts to the solution:
has-He is the smart business person who pays extreme attention to the health and tone of his business partnership. He should be her number one concern, above and beyond anyone else in her life. I know I will get a lot of boos and hisses, but if you take care of your business and business partnership, it will always take care of you and the people you love and who love you. Everyone will be happy and satisfied.
b- Going to or inviting a counselor or therapist to meet privately once a month, individually and together, with business partners will always be money well spent. I have seen the remains that family members have created in some very successful businesses.
You will have conflicts and discord between partners. You can count on that. Prepare now and have preventative and supportive resources ready and/or in play from the start. It will be a shame if one day you are standing outside your padlocked office wondering what happened.
3rd – Having sexual relations with a relative of your business partner:
I already “feel” the smiles. Talk about destruction. This is an insidious act of extreme betrayal. Not only will it leave your business in tatters, it will destroy valuable family and personal relationships. People will be crushed and devastated for life.
The reputation of all partners will be contaminated. You will be surprised and horrified at the same time to discover how many suppliers, banks and customers will turn their backs on you. They know that with a dirty and tainted situation like this, destruction and failure can be close at hand. No one wants to be a part of this, especially if it hurts them financially. Something that many people take for granted is that it takes years to build a reputation that is respected and trusted. It takes 24 hours or less to fly it.
Are you going to make your bed and lie in it, or not?
Solution: If you are over 18, make a wild guess. Under 18? Talk to someone over 18.
4th – Talk to yourself about how you deserve more money than your business partner:
“I’m working much harder than her.” “He was supposed to be the sales end of our business, but…” “Our main customer can’t stand it.” “He can’t handle the pressure.” “I never realized how much he talks.” Do I need to continue? You may recognize one of these.
At the beginning of a new company there is “reality” and there it is “wishful thinking and well-intentioned”. The responsibilities and strengths you bring to the new company are not necessarily the responsibilities and strengths that will be in play when things start and move forward.
Being aware of each partner’s powerful strengths and their ‘vulnerabilities’ will allow weekly partner meetings to be productive and everyone to be open, honest and transparent. Staying flexible and willing to adapt not only leads to a sustainable business, but more excitingly, it leads to personal growth for all partners.
Solution: There are 3 parts to the solution..
has-Order, enforce, and reinforce up-close, personal, respectful, and empathetic communication meetings at least once a week. These meetings are limited to members only and are held behind closed and locked doors. Bring food. Don’t go to a public place to talk.
b- There are always 3 realities: yours, theirs and the business. Work only with the reality of the business and adjust your life to the needs of the business. I repeat, make your business the priority above all others and the “others” will have a phenomenal life.
vs- Accept as a fact that you may have to change your place and responsibilities in the business as time goes on. Receive him with open arms. If you have a problem with this, I respectfully advise you to find a therapist as soon as possible. Your reluctance is related to ego, self-image, and self-confidence. It pays to have someone to help you control your emotions and thereby save your business career.
5º -Start the new company on a 50/50 ownership platform:
If you are forced to start a fair action partnership, then having or learning patience, empathy, and anger management becomes even more crucial and essential than ever. A 50/50 is fine until the “cracks” start to appear. If you don’t follow the advice in step 4, it could be the beginning of the end for everyone.
Some interesting points:
has-In a partnership breakup, your net worth is never, I repeat, never what you think it is. It is always much less.
b-Banks, customers, vendors, and even employees will scatter when bad news is on the horizon. Your net worth could be completely dissipated in the time it takes you to say “Wait, I changed my mind.”
vs-Keep the partnership agreement as simple as possible (two pages is good) or you will find that the lawyers will earn more than you.
d-You could have a 51/49% shareholding with a 50/50% profit split. It is worth giving up more of the profit split to get 51% ownership of the company. In any case, regardless of what you decide, it is always advisable that salaries, expenses and benefits remain the same.
Solution: See the solution in step #4
“Now go with your eyes wide open”…Good luck out there.
A personal note:
They will accuse me of being negative and myopic. My Answer: That’s garbage. This is the reality. This is life. it’s raw, pure, close and certainly personal.
You don’t like the article? I understand. Truth and reality have a way of making people uncomfortable.
Just do me a favor. Print it and keep it in a drawer, in a sealed envelope. He opens it 12 months from the day he started his business. If I was correct, you unfortunately learned a valuable lesson and if your verdict is that I was wrong, please take a closer look and look for cracks in the partnership relationship. You may be in the “subtle stage”.
Partnerships are great when they are strong and based on mutual respect. Unfortunately, this is not a perfect world. This article is about the possibilities you should be aware of and be in tune with. Consider this article a “fire drill” practice. Adapt now, because when the flames begin to roar, it’s too late.
This article is about coating your business relationship with empathy. It’s about knowing that you’re not only responsible for your well-being and performance, but you’re also responsible for the morale of your business partners. I’m not advocating that you become a super parent. I am advocating for you, and this article is about your protection and your financial and mental well-being.
One more time. Good luck and never, ever give up on your dreams.