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"Never have a partner unless it is absolutely necessary." Victor Kiam
Strong leaders have opinions, they have faith in their abilities, they love the limelight, and they want to be in charge. But they may find it hard to share responsibility, authority and glory. Put two strong leaders in the same business and you may need to keep a fire extinguisher on hand at all times.
That being said, do you have a partner? And if so, how is the relationship? I hope your situation is not like the case of Al and Mort- two seasoned execs in a partnership for over five years-who were unable to share the glory and the riches. Tension and bitterness was the daily atmosphere instead of gratitude and jubilation over their success. Each felt they were the hero, the driving force propelling the business to success, and as the hero entitled to the final say and a bigger portion of the booty. In the end, the weaker of the two picked up his marbles and went home. Never to enter a partnership again.
Disruptive in-fighting is not limited to partners; employees can cause you to pop aspirin as well. Do you have a talented, productive employee that thrives on creating tension, or in other words is a troublemaker? Such employees think they are indispensable and will push you to the edge with demands and independent behavior. They are only happy when they keep the pot boiling. Like a difficult partner, they add to your tension level, but unlike a partner, you can fire the so-and-so.
Owning a business is rarely a consistently pleasurable soothing experience. It can be exhilarating, and it can be a nightmare. It will test your patience, your courage, your resilience and your sanity. Fighting competition and the fickleness of the market is taxing enough- you don’t need battles on the home turf. Distractions from partnership quarrels or prima donna employees dull your weapons in your fight for business survival.
If you find it difficult to control an employee who is puffed up with self-importance, take back your business, and drop the axe. Warnings will not work. Did you ever change your personality because someone told you to? An employee problem is easy to solve compared to a soured partnership. Coping with an angry partner is a tough situation to face every morning. If the relationship has detioriated to the point of shouting and barbs, bring in a referee or quit! Partners that spend their time in battle have little energy to run a business. And you know what will happen- your business will fail. How do you resolve it? Here are some choices.
1. The most drastic is to close your business and move on. Not a wise choice.
2. Sell the business. Not easy and it may not be profitable for you.
3. Sell your share to your partner or buy out your partner. Arriving at a fair arrangement may be as difficult as staying in business together.
4. Stay miserable and live in denial until the business fails and you and your partner move on with little to show for your years of effort.
5. Try to resolve the issues and get back to making money.
The best choice is the last. Try to make it work- troubled business partnerships are similar to rocky marriages – most therapists recommend working out the problems and staying together. But it requires professional help. The jargon jockeys call it “conflict resolution.” Swallow your pride and push for a consultant who knows how to deal with warring partners.
The most used techniques to heal a partnership wound are the simple steps that any partnership should put in place when they start their business. An agreement similar to the oft-used pre-martial agreements of today.
Take the guarded conversation off the table and put your demands on paper. Don’t hide behind generalities. If you leave the important points of any relationship vague, you can count on a future misunderstanding. Don’t get hung up on trust-and the feelings that you don’t need the “coldness" of a contract. Most likely, your perceptions of authority, responsibility and reward may differ from your partner. Partners who make the relationship work understand the need to define their shared responsibility, earnings, benefits, and their limits of authority. Successful partnerships require the same emotional commitment as a successful marriage. Not easy! But it can work.
Copyright 2003 Paul E. Adams
Dr. Paul E. Adams, Professor Emeritus Business, Ramapo College of New Jersey & Retired Entrepreneur, Syndicated Columnist, Host of the access cable TV program "Tri -State Movers and Shakers," and Author of “Fail-Proof Your Business,” Available @ Amazon Dot Com. Comments, questions, or suggestions to: xpaul@pikeonline.net
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