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 you have to be right ¿ 90

Listen with an open mind ¿ 90

Actively participate by giving positive feedback ¿ 90

Allow for the possibility that you have something to learn from the

other person ¿ 91

Forget about preparing your response ¿ 91

The Value of Compromise ¿ 92

Chapter 13: Trouble in Paradise? Conflict Resolution Basics ¿ 97

Red Flags That Your Business Partnership is in Jeopardy ¿ 99

Averting a Crisis ¿ 100

An Exception to the Rule ¿ 101

When a Conflict Erupts ¿ 102

Part IV: Collaborations Is the New Currency ¿ 105

Chapter 14: A Word About Joint Ventures ¿ 107

Collaborations for a Cause ¿ 109

Chapter 15: Parting Thoughts on Partnerships ¿ 111

Essentials to Your Partnership Success: A Summary ¿ 111

A Final Note Before I Leave You to Your Business Partnership ¿ 112

Appendix A: Keys to Effectively Delegating and Having Time for

Yourself ¿ 115

Eight Keys to Successful Delegation ¿ 115

Appendix B: Business Partnership Success Meter ¿ 117

Success Meter Scores ¿ 118

Index ¿ 119