In this episode we discuss how to develop business partnerships (relationships) that actually work; interpersonally, functionally and legally. Rachel Schaffer Lawson, a Nashville-based attorney, joins us to discuss this critical approach to building out you company's future.
3 Key Points
- Business partnerships correlate quite well with marriage (without the sex)
- Prospective business partners should do the relationship work (upfront) to increase their chances for success
- Planning for your business exit yields far greater rewards
Time Stamped Notes
- [1:00]- In the beginning, forming partnerships
- [3:00]- Why do business owners not plan?
- [4:15]- The “untactful” prenuptial conversation
- [5:10]- Falling in “Business Love”
- [8:35]- Trying to save just one business…
- [10:05]- Getting married after 6 weeks
- [11:15]- Who did I just marry?
- [14:15]- The “Scale of Liability”
- [17:15]- Stay in your own lane
- [20:00]- How to change your partner(s)
- [21:30]- Fighting well
- [22:00]- Liability and wandering eye syndrome
- [23:30]- Clear KPIs for each partner
- [28:00]- Exit strategy scenarios & planning for the end
- [30:00]- What’s actually “sellable”
- [32:00]- BTW, why are you in business?
- [35:20]- What’s next?
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