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Business partnerships are vital to the US economy yet their failure rate is alarming: 70% of them don´t make it. Dr. Lehavi is leading the charge to reverse this statistic. As a business partnership relationship coach, she intimately knows the impact that these partnerships have on cofounders, employees, customers, families, local communities, and global markets. Business Partnership Essentials walks you through every phase of the process-from choosing the right partner and operating your business on a daily basis, all the way through to exit and planning for the unexpected. This book is not a book on business startups and so it does not address the finances of starting up a partnership, but rather, it focuses on agreeing on all aspects of your relationship with your business partner. Following Lehavi´s guidance will ensure that you´ve done everything you can to help your partnership succeed.

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Part I: Choosing the Right Partner 1

Chapter 1: Hook Up or Stay Solo: The Benefits of a Partnership 3

Advantages of a Partnership 4

The End of Isolation 5

Shared Risks and Responsibilities 5

Aligned Individual Strengths 5

Two Heads (and Hearts) are Better Than One 6

Why Do You Want a Business Partner, Honestly? 6

A Final Word About Going Solo 7

ESSENTIAL QUESTIONS: 7

Chapter 2: Your Significant "Business Other": Choosing the Right

Partner 9

Compromise Improves the Bottom Line 10

Even Near Perfect Partnerships Benefit from Good Communication 10

Doomed from the Start 12

Three Essential Words: Communication, Transparency and

Responsibility 14

Everyone Loses When Playing the Blame Game 15

I´ve Got Your Back 16

Improved Communication Benefits All Your Relationships 16

Communication in the Online World 17

Chapter 3: Getting to Know You: Playing the Field with a Purpose 19

How to Date Your Potential Partner 19

Continue Being Open and Honest During the Dating Process 20

Avoiding Confrontation Leads to Confrontation 21

Specific Topics That Should be Addressed with Your Partner 22

Partners Must be on the Same Page from the Beginning 25

Partnerships Can End When Values Change 26

Are Complementary Skills Required? 26

Keep Dating and Keep Asking Questions 27

Chapter 4: All in the Family: Partnering with Friends, Spouses and

Relatives 29

Working with Relatives: How Do You Fire Mom? 29

Working as a Team Makes This Partnership Work 30

Best Friends as Business Partners 31

A Friendship Saved 32

Married Partners: Saying "I Do" Twice 33

One Sentence Changed the Business 34

Keep Business and Married Time Separate 35

Married Business Partners Defy the Odds 35

Chapter 5: Take a Vow or Walk Away: Deciding to Move Forward or Not 39

A Model Partnership . . . Again and Again 40

Part II: Planning for Your Future Together 43

Chapter 6: Setting a Solid Foundation: The BPAT 45

The Business Partnership Agreement Template 46

Drafting the BPAT 47

Writing It Down Can Save Anguish in the Future 49

BPAT Saves the Business 50

Mission and Vision Statements: An Important Part of the BPAT 52

Vision Statement 52

Partnership is Successful All the Way Through to Exit 52

Mission Statement 53

Live Your Mission Today and Plan Your Vision for the Long-Term 54

Other Important Elements of the BPAT 55

Chapter 7: ´Til Death or Design Do We Part: Planning a Winning Exit

Strategy 57

Exit Strategy Considerations 58

Enjoying Retirement: Life After the Sale of a Business 58

Do Periodic Assessments of Your Exit Strategy 60

Chapter 8: The Partnership Agreement: Putting Your Handshake on

Paper 63

Five Key Elements of a Partnership Agreement 64

1. Financial and Other Contributions by the Partners 64

2. Equity Shares in a Business Partnership 64

3. Restrictions of Authority and Expenditures 66

4. Partner Duties and Responsibilities 67

5. Dispute Settlement Strategy 68



Chapter 9: The Future is Now: Formulating Your Business Plan 71

Your Business Plan is a Living Document 72

A Typical Business Plan Outline 73

Executive Summary 73

Business Strategy 73

Financial Plan 73

Marketing Strategy 74

Community Participation 74

Areas of Responsibilities and Tasks 74

Chapter 10: Life Happens: Preparing for "What Ifs" and the Unexpected 77

Vision What Ifs 78

Finance What Ifs 78

Employee What Ifs 79

Daily What Ifs 79

Personal Life What Ifs 79

Exiting What Ifs 79

Part III: After the Honeymoon 81

Chapter 11: Finding Your Daily Rhythm 83

Keeping the Home Fires Burning 83

Daily Meetings 84

Weekly Meetings 84

Monthly Meetings 85

Annual Meetings 85

What Happens Within the Meetings 86

Meeting Topics for Discussion 86

Chapter 12: Listen Up: Essential Communication Skills 89

Improve Your Listening Skills 90

Get rid of the idea that

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