If you are working with people you care about and you want to improve how you are working together, look at vision, communication, leadership and fighting fair. Contains best practices on partnering including how to find and work with a partner you care about and a bibliography on partnership.

1. Working Together Without Killing Each other Presenter: Jan Triplett, CEO Business Success Center 1 ©2011 Business Success Center,

2. Partners Share Responsibility Liability ControlIn order to create the future of the business together or with shared agreement 2 ©2011 Business Success Center,

3. Family Businesses Large & Small Large Samsung Hyundai LG Trump Organization — Don & the kids Golfsmith & Whole Foods before going public Smaller, Local Hastings Chez Zee Hayes Software BSC Any business owned by someone who’s married & lives in a community property state 3 ©2011 Business Success Center,

4. Padre noble, hijorico, nietopobre. What can happen. Translation: “Father, founder of the company, son is rich, grandson is poor.” • The founder works and builds a business • The son takes it over and is poorly prepared to manage and make it grow but enjoys the wealth • The grandson inherits a dead business with an empty bank account. 4 ©2011 Business Success Center,

5. From the wonderful people who brought us pizza Partnership laws originated in the Middle Ages from Italian merchants. • US Partnership Act (1890) • Uniform Partnership Act (UPA, 1914) • Uniform Limited Partnership Act 1916 5 ©2011 Business Success Center,

6. Partners Contribute Money Property Labor Skills And argue about all of these, too! 6 ©2011 Business Success Center,

7. Why Problems Arise Different goals Different styles Different ethics Different approach Different priorities 7 ©2011 Business Success Center,

8. When Problems Arise Choosing a Partner Working with a Partner At business crossroads: expansion, contraction, dissolution, cashing out 8 ©2011 Business Success Center,

9. Family Business Problems Business’ purpose, system, goals & timelines are not Aligned with the goals of a family member Compatible with the family as a group In sync between family members Hard to solve yourself. An independent advisor can see what’s happening and move the members through the problems while keeping the business on course. 9 ©2011 Business Success Center,

10. When Good Partnerships Go Bad Financial Partner/ Sweat Equity Only Partner Spouses, siblings, friends Hush, hush meetings – uninvited consequences Similar skills & abilities Small vs. large org experience Two bosses too many Your issues? 10 ©2011 Business Success Center,

11. Best Partner Practices Avoiding Problems Best Partner Profile™ Compatible Vision & Desired Outcome Agreement on transference strategy & timeline Systematic approach Job descriptions for all Partnership agreement in place Open communication Reducing Problems Identify areas of difference or disagreement Set up rules of engagement/ how to fight fair Abide by rules, adjust as necessary Support each other; avoid one-upsmanship 11 ©2011 Business Success Center,

12. Stuff Happens … Conflict ID Characteristics— why is this a problem? Manifestations — what happens when this conflict happens Causes — triggers Brainstorm Solution Options Arrive at Agreed Upon Ground Rules 12 ©2011 Business Success Center,

13. Vision — the Place to StartRank for you & your partner Good working conditions Time off for family or self Personal growth Tactful corrections Good wages Balancing life and work In charge Loyalty Appreciation of Work Honesty Staying focused Profitability 13 ©2011 Business Success Center,

14. CommunicationHow is this done? Decisions New Information Problems Future Plans Regularly Immediately Whenever In secret 14 ©2011 Business Success Center,

16. Who acts

17. Who authorizes

18. Who approvesOn what basis? This calls for job descriptions, policies & procedures 15 ©2011 Business Success Center,

19. Especially for Partners Worth Reading: • Dance Lessons, Chip Bell & Heather Shea • The Small Business Partnership Kit, Robert L. Davidson, III 16 ©2011 Business Success Center,

20. Here’s to your success! Jan Triplett triplett@runitright.biz Jan Triplett Blog: http://www.ownersview.com Sales, Marketing & Financial Management Services March 11, 2011 ©2011 Business Success Center, 17