A Moment of Thought
“There is Nothing Wrong Until Something is Wrong”
Partnerships can be a great advantage, two different sides two different options all add to a very different outcome.
But in reality and for many years I suggested partnerships didn’t work except with husband and wife. I saw so many that had bad outcomes. Business breakups and exits are just like marriage, they can end very bitterly. So just like preparing and discussion and family meetings, business partnerships should go through the same. Preparing exit strategies, succession plans and partnership dissolving make it easy on your. Do this planning early rather than later. If you have “IP” (Intellectual Property) do you know who owns it? What do each expect out of your agreement and what are the triggers of the exit stratety. Partnership agreements, succession planning and alliances can work very well when there are clear guidelines.
This quote also reminds me of Risk Management in general. Do you have the policies and procedures in place for the what if’s, the contingency plans for floods and fires, theft and loss of staff. Yes you may have insurance for much of this but what about a plan to keep the business going in these situations.
Some steps you might consider:
- Have a meeting to discuss roles and responsibilities – who is doing what.
- List the situations where things might be difficult or cause conflict – what do you each expect (hours or work, amount of holidays, remuneration, housing, education, recognition.
- Feedback and imput into decision making
What is your burning question and how can we suppport your business success?
Let us know call
0418 769 531
Regards Helen Cowley
“You can make excuses or make it happen but you can’t do both”
Looking forward to supporting your business growth.
– Improve your sucess –
Call us now 0418 769 531
Office: 07 3297 0242 Email: info@sbis.com.au
