Business Partnership Central

Help Me Ditch My Business Partners!

2010-03-10T17:00:57Z

Horror of horrors! You're stuck in a business partnership with NO agreement. You have to get out . . . or get the others out before you go postal and end up in a prison of a different sort. What can you do?

Kathleen Ryan O'Connor answers that very question in Forbes Small Business. After a brief "I told you so" about not having a written agreement, she gets down to brass tacks: if you want to stay, you'll have to be prepared to make concessions. Ya gotta give to get. But what she doesn't mention is this: if you can't reach an amicable agreement, your next stop is either the courthouse or to walk away. And neither is a particularly attractive choice.

Partnership Q&A: Business partners with different visions

2010-03-03T17:00:12Z

From Ask Entrepreneur, comes this Q&A on an issue that arises quite frequently in business partnerships:

Q.: How do you deal with business partners who have a different vision for the future of your business?

Read on to learn mediator and conflict management expert Dr. Eleanor Robin's response to this thorny question!

Partnership Q&A: Partner wants out of the company and the lease

2010-02-24T17:00:20Z

Q.: I started an LLC in the state of Arizona with two partners. After a year in business I am choosing to take another path and I am attempting to separate my legal liabilities. We initially signed a three-year lease with personal guarantees and currently have 23 months remaining. I am trying to figure out the route to take in order to bring a convincing argument to the property manager/owner to be removed of liability.

When a partner resigns from an LLC, what can that partner do to remove liability from the lease?

Read on to find out!

Partnership Q&A: Can a Business Partner "Embezzle"?

2010-02-17T17:00:00Z

Q.: Can a business partner be charged with embezzlement? My husband owns a business along with a partner whom he went to school with. The are equal partners. We have discovered this year he had a $10,000 cashiers check issued to himself from a business loan that acts as a checkings plus account. He also has approximately $40,000 in exessive business expenses that are not legitimate. What can be done?

Read on to find out . . . !

Yes, Business Partnerships ARE Like Marriages

2010-02-10T17:00:04Z

With Valentine's Day just around the corner, it's no surprise that thoughts turned toward relationships. And frankly, with romantic partnerships, whether we like it or not.

We've all heard the stories (and seen the Jerry Springer episodes) where romantic couples, having married within nanoseconds of each other, grow to realize that their partner:

Has really annoying habits
Has grown into a totally different life path (wants to give it all up to enter an ashram)
Is completely irresponsible with money, or
Wants to lead a totally different lifestyle from you (you'd like time with the kids; your partner is a workaholic)

Whatever the reason for the disagreement, it's very likely that, with a little digging and probing questions, your incompatibilities could have been uncovered far earlier. Same thing happens with business partners. Entrepreneurs are often so taken with the first flush of start-up fervor that they don't take the time to see whether their potential business partner will be right for them for the long term, or only the short-term.

If your business plans for 2010 including having a business partner, make sure you get your copy of The Entrepreneur's Prenup: How to Choose a Business Partner Who Won't [bleep] You! There's more that goes into the partner-screening process than you think, and you certainly don't want to look in the mirror this time next year, realizing that you've hitched your wagon to an albatross.

Click here for a sneak peek of the valuable information you'll get from this book-CD-workbook program!

Partnership Q&A: I think my business partner is cheating me!

2010-02-03T17:00:47Z

Q.: I've invested money into our business and I feel like my partner is trying to cheat me out of my money. I have not said anything because I do not have proof. So I need help to figure out what I can do to guard my back. Our paper work is on the way, but I have not seen the actual paper work yet that proves that I'm 50 percent owner. So what can I do to protect my money and business?

Read on to find out what steps you could take . . . .

10 Skills VCs Look For Before Writing a Check

2010-01-27T17:00:57Z

Mark Susser, a VC at GRP partners (and guest blogger for VentureHacks), offers his two-part list of the top 10 skills he looks for in entrepreneurs and their companies before he's willing to part with any cash for investment. Stay tuned for skills 8-10 . . . but for now, here's 1-7 to get you started:

(Part One)

Tenacity
Street smarts
Ability to "pivot"
Resiliency
Inspiration

(Part Two)

6. Perspiration

7. Appetite for risk

Working Through The Numbers on Ownership

2010-01-13T17:00:47Z

I'm often asked, "what's a fair division of ownership between busienss parnters" and "how much equity should I give an investor?" The short and obvious answer is: it depends.

In his short post by the same name, David Ronick, founder of UpStart Advisors, illustrates how one entrepreneur thought through the process when raising capital, after initially sharing some of the ownership with key employees and advisors.

As David points out, each time you add more people to the mix, you dilute the proportions that the earlier owners were entitled to.

The Entrepreneur's Prenup (Sneak Peek!)

2010-01-06T17:00:30Z

If your expansion plans for 2010 including bring on a new business partner, make sure you get your copy of The Entrepreneur's Prenup: How to Choose a Business Partner Who Won't [bleep] You!

There's more that goes into the partner-screening process than you think, and you certainly don't want to look in the mirror this time next year, realizing that you've hitched your wagon to an albatross.

Click here for a sneak peekof the valuable information you'll get from this book-CD-workbook program!

Police and Paramedics in Partnership

2009-12-30T17:01:00Z

Police and paramedics . . . riding together. The cadence reminded me of Bill Murray's line from Ghostbusters--" . . . dogs and cats living together . . ."--but we're not facing a disaster of Biblical proportions. Rather, it seems to be a smart alliance to conserve resources.

As reported in This is Local London, paramedics will ride with police officers on the weekends to patrol incidents that include fights and car crashes. By having the paramedics readily available, injuries can be assessed more quickly, and the police can be left to handle any criminal aspects of the investigation. That way, ambulances can be reserved for those who may really need it, instead of being called out to each and every incident.

It remains to be seen whether the program is successful, but it raises good food for thought: are there any partners you can collaborate with--even on a limited basis--that could help you do your work more efficiently and save costs?