Business partnerships are vital to the US economy yet their failure rate is alarming: 70% of them don't make it. Dr. Lehavi is leading the charge to reverse this statistic. As a business partnership relationship coach, she intimately knows the impact that these partnerships have on cofounders, employees, customers, families, local communities, and global markets. Business Partnership Essentials walks you through every phase of the process-from choosing the right partner and operating your business on a daily basis, all the way through to exit and planning for the unexpected. This book is not a book on business startups and so it does not address the finances of starting up a partnership, but rather, it focuses on agreeing on all aspects of your relationship with your business partner. Following Lehavi's guidance will ensure that you've done everything you can to help your partnership succeed.
Business Partnership Essentials
Business Partnership Essentials Summary
About
Dorene Lehavi, Adjunct Professor, School of Social Work, USC, Los Angeles; Business Partnership Relationship Coach
Table of Contents
Part I: Choosing the Right Partner 1 Chapter 1: Hook Up or Stay Solo: The Benefits of a Partnership 3 Advantages of a Partnership 4 The End of Isolation 5 Shared Risks and Responsibilities 5 Aligned Individual Strengths 5 Two Heads (and Hearts) are Better Than One 6 Why Do You Want a Business Partner, Honestly? 6 A Final Word About Going Solo 7 ESSENTIAL QUESTIONS: 7 Chapter 2: Your Significant Business Other: Choosing the Right Partner 9 Compromise Improves the Bottom Line 10 Even Near Perfect Partnerships Benefit from Good Communication 10 Doomed from the Start 12 Three Essential Words: Communication, Transparency and Responsibility 14 Everyone Loses When Playing the Blame Game 15 I've Got Your Back 16 Improved Communication Benefits All Your Relationships 16 Communication in the Online World 17 Chapter 3: Getting to Know You: Playing the Field with a Purpose 19 How to Date Your Potential Partner 19 Continue Being Open and Honest During the Dating Process 20 Avoiding Confrontation Leads to Confrontation 21 Specific Topics That Should be Addressed with Your Partner 22 Partners Must be on the Same Page from the Beginning 25 Partnerships Can End When Values Change 26 Are Complementary Skills Required? 26 Keep Dating and Keep Asking Questions 27 Chapter 4: All in the Family: Partnering with Friends, Spouses and Relatives 29 Working with Relatives: How Do You Fire Mom? 29 Working as a Team Makes This Partnership Work 30 Best Friends as Business Partners 31 A Friendship Saved 32 Married Partners: Saying I Do Twice 33 One Sentence Changed the Business 34 Keep Business and Married Time Separate 35 Married Business Partners Defy the Odds 35 Chapter 5: Take a Vow or Walk Away: Deciding to Move Forward or Not 39 A Model Partnership . . . Again and Again 40 Part II: Planning for Your Future Together 43 Chapter 6: Setting a Solid Foundation: The BPAT 45 The Business Partnership Agreement Template 46 Drafting the BPAT 47 Writing It Down Can Save Anguish in the Future 49 BPAT Saves the Business 50 Mission and Vision Statements: An Important Part of the BPAT 52 Vision Statement 52 Partnership is Successful All the Way Through to Exit 52 Mission Statement 53 Live Your Mission Today and Plan Your Vision for the Long-Term 54 Other Important Elements of the BPAT 55 Chapter 7: 'Til Death or Design Do We Part: Planning a Winning Exit Strategy 57 Exit Strategy Considerations 58 Enjoying Retirement: Life After the Sale of a Business 58 Do Periodic Assessments of Your Exit Strategy 60 Chapter 8: The Partnership Agreement: Putting Your Handshake on Paper 63 Five Key Elements of a Partnership Agreement 64 1. Financial and Other Contributions by the Partners 64 2. Equity Shares in a Business Partnership 64 3. Restrictions of Authority and Expenditures 66 4. Partner Duties and Responsibilities 67 5. Dispute Settlement Strategy 68 Chapter 9: The Future is Now: Formulating Your Business Plan 71 Your Business Plan is a Living Document 72 A Typical Business Plan Outline 73 Executive Summary 73 Business Strategy 73 Financial Plan 73 Marketing Strategy 74 Community Participation 74 Areas of Responsibilities and Tasks 74 Chapter 10: Life Happens: Preparing for What Ifs and the Unexpected 77 Vision What Ifs 78 Finance What Ifs 78 Employee What Ifs 79 Daily What Ifs 79 Personal Life What Ifs 79 Exiting What Ifs 79 Part III: After the Honeymoon 81 Chapter 11: Finding Your Daily Rhythm 83 Keeping the Home Fires Burning 83 Daily Meetings 84 Weekly Meetings 84 Monthly Meetings 85 Annual Meetings 85 What Happens Within the Meetings 86 Meeting Topics for Discussion 86 Chapter 12: Listen Up: Essential Communication Skills 89 Improve Your Listening Skills 90 Get rid of the idea that you have to be right 90 Listen with an open mind 90 Actively participate by giving positive feedback 90 Allow for the possibility that you have something to learn from the other person 91 Forget about preparing your response 91 The Value of Compromise 92 Chapter 13: Trouble in Paradise? Conflict Resolution Basics 97 Red Flags That Your Business Partnership is in Jeopardy 99 Averting a Crisis 100 An Exception to the Rule 101 When a Conflict Erupts 102 Part IV: Collaborations Is the New Currency 105 Chapter 14: A Word About Joint Ventures 107 Collaborations for a Cause 109 Chapter 15: Parting Thoughts on Partnerships 111 Essentials to Your Partnership Success: A Summary 111 A Final Note Before I Leave You to Your Business Partnership 112 Appendix A: Keys to Effectively Delegating and Having Time for Yourself 115 Eight Keys to Successful Delegation 115 Appendix B: Business Partnership Success Meter 117 Success Meter Scores 118 Index 119
Additional information
NPB9781547416172
9781547416172
1547416173
Business Partnership Essentials: A Step-by-Step Action Plan for Succeeding in Business With a Partner, Second Edition by
New
Paperback
De Gruyter
2017-12-20
151
N/A
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