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Business Partnership and Divorce Blog

Strong partnership agreements are good for business

If you are a New Jersey small business owner, you understand the importance of having strong business relationships, including the relationship you have with your business partner. One way you can protect this crucial relationship is to draft a strong partnership agreement. This is a legal way to outline your role and responsibilities as well as those of your partner.

A partnership agreement is a smart way to prevent future conflicts and clarify the expectations for each party. If you do not have a partnership agreement or you believe you will need one in the future, you will find benefit from seeking help to draft this important document. This is a smart way to protect your business interests.

Sarcasm, is it just humor, or does it sabotage your business goals?

business-partners-sarcasm.jpgHow business partners get along sets the tone for the rest of the organization. When partners show respect, collaboration, caring and mutual support toward each other, they are setting an example and the expectation that others are to do the same.

Partner Communication and the Value of Leadership

humans-gears-idea-partnership-unified-vision.jpg

What is Charlottesville's Effect on Your Partnership/Company?

Do you and your partners think alike when it comes to the values (behavioral guidelines) of your company? In the wake of the strife in Charlottesville, would you and your partners equally feel comfortable in making statements similar to Kenneth Frazier, the CEO of Merck? or Under Armour CEO Kevin Plank? Or 3M CEO Inge Thulin?

This is a time for you and your partners to proactively have the discussion of what you each believe. How you are going to lead together? What guidelines do you have that direct your own and your employees' behavior? Your employees want to know that all your partners are on the same page.

Why is There a Need for the Business Divorce Institute (Part 1)?

Business-Partnerships-There-is-a-need.jpgPeople enter into business partnerships too casually. When a new client contacts me and says:  "I have decided to take a partner. Can you draw up the paperwork?", my first question is "Why do you want to partner"?  I continue to be amazed at some of the responses I receive.  Like, "she is my friend, and I want to do something nice for her".  (If you want to do something "nice" for her, why don't you buy her a present?)  Or, "I'm not technically trained, but I need the help of an IT person to help build the technology".  (OK, but in the long run, it's cheaper to pay cash for services, instead of giving away valuable equity.)

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