Companion Materials for Strategic
Partnership Workshop
Copyright 2009 The Hendrickson Group
Should I Have A Business Partn...
Introduction
• This document is the companion guide to the course: Your Start –Up
Partnership.
• In the course, we discuss...
Why Go Into Business?
• There’s lots of reasons that people go into business:
– Many businesses are set up so that the sha...
Why Do I Want to Open a Business?
• What do I want to get out of going into business?
• Why not just get a job?
Copyright ...
Why am I going into this business?
• What is my motivation for working on this particular business idea?
• What are my exp...
What Is My Definition of Success?
• I will have succeeded in this business if I:
• The company will have succeeded if it:
...
Partnership Self-Assessment
Copyright 2009 The Hendrickson Group
World View
• A world view is the context that you see the world from. Do
you think the sky’s the limit? The glass half ful...
What is My World View?
• How do I see the world and my relationship to it?
Copyright 2009 The Hendrickson Group
Values
• Your values drive your actions. Having similar values has you
and your partner align around these values which pr...
What Are My Personal Values?
• What values have I designed my life around?
• What values are most important to me?
Copyrig...
Special Skill Sets
• Individuals that go into business bring specialized skill sets
that they may have learned in school, ...
Skill Set Assessment
• What personal skills and qualities do I bring to the business?
• What personal qualities do I bring...
Creating the Partnership
Copyright 2009 The Hendrickson Group
Partnerships
• Once you know what your skill sets are, recognize and
acknowledge what you’re passionate about and what are...
Why am I going into this business with the partner
that I’ve chosen?
• What personal skills and qualities do I bring to th...
Creating the Partnership
• Shameless Disclaimer: I am
not an attorney. Please
check with your attorney for
any legal conce...
Legal Formulation
• Business Creation: Determining together the formulation of
the business (LLC, S Corp, C Corp etc..)
• ...
Planning from the End to the Beginning
• What’s my exit strategy? Is the question that you’d think
comes at the end of the...
Creating the Partnership
• Strategic Planning
– What does the business need from each of us? How will we create the
strate...
Next Best Steps
• After you’ve gotten the partnership issues squared away, then
comes the fun part of business creation: a...
Keep Connected
Newsletter sign-up
Futurelabmedia.com
Social Stuff
@lisamax
FB: lisa.hendrickson.thg
Tumblr: thehendrickson...
Thank You! and Pay It Forward
If you found this presentation useful, please pass
it along to someone else who it might hel...
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Your start up_partnership

  1. 1. Companion Materials for Strategic Partnership Workshop Copyright 2009 The Hendrickson Group Should I Have A Business Partner?
  2. 2. Introduction • This document is the companion guide to the course: Your Start –Up Partnership. • In the course, we discuss specific criterion that will help you find a suitable partner, work toward a common goal using your individual strengths and skill sets while creating a valuable business. • This companion guide helps you and your potential business partner sort out the issues that need to be discussed and decided prior to going into business together.business together. • Working through these questions will help you clarify your working relationship. • If you’re already in business together, reviewing these questions may help you clarify your working relationship. • If you’re looking to start a company with someone else, this guide will help you create a strong and successful partnership. Copyright 2009 The Hendrickson Group
  3. 3. Why Go Into Business? • There’s lots of reasons that people go into business: – Many businesses are set up so that the shareholders can : • Make money • Live a lifestyle of their choosing • Achieve personal and professional goals • Contribute to society, self and/or a selected community• Contribute to society, self and/or a selected community Copyright 2009 The Hendrickson Group
  4. 4. Why Do I Want to Open a Business? • What do I want to get out of going into business? • Why not just get a job? Copyright 2009 The Hendrickson Group
  5. 5. Why am I going into this business? • What is my motivation for working on this particular business idea? • What are my expectations about this business? • What am I willing to do to have this business idea work out? Copyright 2009 The Hendrickson Group
  6. 6. What Is My Definition of Success? • I will have succeeded in this business if I: • The company will have succeeded if it: Copyright 2009 The Hendrickson Group
  7. 7. Partnership Self-Assessment Copyright 2009 The Hendrickson Group
  8. 8. World View • A world view is the context that you see the world from. Do you think the sky’s the limit? The glass half full? Do you call yourself an eternal optimist? Then you’ve got an optimistic world view. • Feel that the world might have danger and risk around every corner? Feel like the glass is half empty? Then your world view might include a low level of risk tolerance.view might include a low level of risk tolerance. • Whatever your world view, it should jib with your partners. Have conflicting world views makes working together more difficult. Similar world views allow for strategic agreement around risk and reward and business decision making. Copyright 2009 The Hendrickson Group
  9. 9. What is My World View? • How do I see the world and my relationship to it? Copyright 2009 The Hendrickson Group
  10. 10. Values • Your values drive your actions. Having similar values has you and your partner align around these values which presents a unified way to drive and deliver results. • Values such as integrity speak to mutually agreeable ways to build the business and its policies towards the partnership, customers and employees. Copyright 2009 The Hendrickson Group
  11. 11. What Are My Personal Values? • What values have I designed my life around? • What values are most important to me? Copyright 2009 The Hendrickson Group
  12. 12. Special Skill Sets • Individuals that go into business bring specialized skill sets that they may have learned in school, on the job or just through pursuing passions or interests. – Knowing what the skill sets that you bring to a business is important. If you know what your strengths are and play to them, you can very much create at least part of a successful business. – You may have to learn other skills or adapt your skill set for the– You may have to learn other skills or adapt your skill set for the marketplace, however, having these skills to start off with will give you the boost to start your business. Copyright 2009 The Hendrickson Group
  13. 13. Skill Set Assessment • What personal skills and qualities do I bring to the business? • What personal qualities do I bring to this business? • What are my passions? • Where’s the gap between the vision I have for this business and the skill sets that I have?and the skill sets that I have? • What are deal breakers for me? Copyright 2009 The Hendrickson Group
  14. 14. Creating the Partnership Copyright 2009 The Hendrickson Group
  15. 15. Partnerships • Once you know what your skill sets are, recognize and acknowledge what you’re passionate about and what are deal breakers for you, you’re ready to create an outline of what complimentary skill sets and qualities that you need in a partner.partner. • Often times new start ups happen because people like each other and have similar interests and skill sets. Be advised that these people may be your friends but might not be the best people to help grow your business. Having complimentary rather than similar skill sets helps create a strong partnership. Copyright 2009 The Hendrickson Group
  16. 16. Why am I going into this business with the partner that I’ve chosen? • What personal skills and qualities do I bring to the business? • What personal skills and qualities does my partner bring to this business? • Do our skills and qualities complement each other or do we replicate each other? Copyright 2009 The Hendrickson Group
  17. 17. Creating the Partnership • Shameless Disclaimer: I am not an attorney. Please check with your attorney for any legal concerns that you might have about creatingmight have about creating the partnership. Copyright 2009 The Hendrickson Group
  18. 18. Legal Formulation • Business Creation: Determining together the formulation of the business (LLC, S Corp, C Corp etc..) • Financial Foundations: How will you get this company off the ground? Will you each invest equal sums or what will the financial commitment be?financial commitment be? • How will you create the ownership percentages for the business (50%/50%, 51%/49% or other) Copyright 2009 The Hendrickson Group
  19. 19. Planning from the End to the Beginning • What’s my exit strategy? Is the question that you’d think comes at the end of the journey, but really, it comes at the beginning. • Three Exits Strategies in Business: – IPO– IPO – M&A (family succession is included in this) – Go out of business • What is my exit strategy? • Is it the same as my business partners? Copyright 2009 The Hendrickson Group
  20. 20. Creating the Partnership • Strategic Planning – What does the business need from each of us? How will we create the strategic plan together? • Financial Requirements – How much do we need to get this off the ground? How will we fuel the business until we start selling product/services?business until we start selling product/services? • Governance Issues – Division of accountabilities – RACI Chart Copyright 2009 The Hendrickson Group
  21. 21. Next Best Steps • After you’ve gotten the partnership issues squared away, then comes the fun part of business creation: actually strategizing and building the company. We don’t cover that in this workshop, however, FutureLAB: Weekend and FutureLAB: Start IT! are great places to turn your business dreams intoStart IT! are great places to turn your business dreams into reality. • For more information about FutureLAB workshops visit FutureLABmedia.com or email hendrickson.lisa@gmail.com for more information. Copyright 2009 The Hendrickson Group
  22. 22. Keep Connected Newsletter sign-up Futurelabmedia.com Social Stuff @lisamax FB: lisa.hendrickson.thg Tumblr: thehendricksongroup I get all things FutureLAB FutureLAB Tumblr: thehendricksongroup Linkedin: FIT Sustainable Design Entrepreneurs Group To Reach Lisa Personally – NM: 505.903.7778 (o) – NY: 212.942.6151 (o) – hendrickson.lisa@gmail.com
  23. 23. Thank You! and Pay It Forward If you found this presentation useful, please pass it along to someone else who it might help. For strategy consulting or workshops in your area contact Lisa Hendrickson hendrickson.lisa@gmail.com

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