Business Partners

I heard a sad story this week — a Tale of Two Business Partners.  One made clothing designs; the other supplied the money.  One was optimistic about the new awards she had won and where the business was going; the other wasn’t.  One wanted to continue to move forward; the other wanted to wait and […]

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It surprises me how many business owners have knee-jerk reactions about choosing a business partner, instead of thinking long and hard about who would really be the right fit for them (then again, how many of us really do that in our personal lives . . . but that issue is beyond the scope of […]

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Post image for Reasons Not to Rush into a Business Partnership

Not that I’m a big follower of the Kardashian sisters, but it always amazes me what people will stoop to for fame.  Take Khloe Kardashian’s shotgun wedding to L.A. Lakers basketball player Lamar Odom.  Apparently, after a one-month romance, they timed their 2009 wedding with Kardashian sister Kourtney’s pregnancy—so that they could be aired in […]

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What’s the key to making partnership agreements true living, breathing documents?  They need to strike a good balance between setting firm procedures while allowing for flexibility in the way your business grows and changes. Not an easy feat. One of the significant ways you can ensure a good working relationship with partnership agreements is to […]

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Post image for What to Pay in a Partner Buyout

When you’re thinking about business divorce, there are a couple of hot button items that come to mind. First, you want to know which events trigger a buyout.  The three D’s usually factor into the most well-drafted partnership agreements: death (pretty obvious), disability (perhaps less obvious–how would you define “disability”?), and dissolution (you and your […]

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Often, when a situation is just too fraught with complications and struggle from the outset, it’s just not meant to be.  But did I listen?  No.  Not at first, anyway. For the icing on the cake: I didn’t do enough due diligence to make sure I had chosen the right partner.  Here’s the kicker:  I […]

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Oh yes, there’s more.  So it’s not enough that I didn’t know the business, that I was fronting the money, and that we couldn’t agree on basic decisions.  Amazing how blind we can become whether the prospect of “easy profits” lays tantalizingly before us. Here was the final straw: The needs of one partner were […]

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What kind of a schmuck agrees to  front the money and only take 50% (me, obviously). And another lesson from the “why didn’t I see this coming?” department: We couldn’t agree on a business name.  Sounds crazy, right?  We kept going back and forth with different names for the business — Grace wanted one that […]

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I learned the hard way (see Part 2) that looking for easy money rarely brings it.  Yet another class in the School of of Hard Knocks: I was fronting all the money.  Yes, Grace and I agreed to split everything 50/50, but because of her particular work situation, she could not “officially” be listed as an […]

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Post image for How to Get Out of a Business Partnership

You can probably guess the tell-tale signs of needing to leave your business partnership (they’re similar to the signs for leaving your college boyfriend or girlfriend): Everything they do is wrong. You’re stressed and unhappy all the time. You wake up in the middle of the night with a knot in your stomach.  In short, […]

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