Starting and running a business with one or more partners is a commitment. How do you make sure your partnership is fair? What big changes might come along and derail your plans? When conflicts inevitably arise, can you resolve the issues without damaging your relationship (and your company) in the process?
True Connect helps entrepreneurs and visionaries lay the foundation for a successful partnership, and helps manage crises along the way.
Having issues with your business partner or co-founder, and not sure where to start? Let us help you develop a strategy for moving forward with a True Connect Clarify 50-minute Coaching Session by Phone or Skype. Designed for a single partner to get unstuck and create an action plan for moving forward.
Our signature Build program for co-founders helps you create a "B-nup" for your business partner relationship. 3 sessions with two facilitators help your founding team lay a solid foundation by getting clear on practical matters like investments of money and time, equity, and how you will navigate disagreements to keep you on track to success.
Course Correct Mediation Session for existing partners facing disagreement. 2 hours with us to collaboratively explore options for resolving an issue you're having difficulty resolving on your own. Alternative dispute resolution saves money and time versus the alternatives of giving up or lawyering up.
The statistics for business partnerships are even more dismal than those for marriage. Harvard Business School professor Noam Wasserman’s research, outlined in his book, “The Founder’s Dilemmas,” finds that 65% of startups fail as a result of cofounder conflict. All is not lost, however. The good news is that something can be done. For spouses, the earlier in the marriage the couple starts implementing what Finkel calls “The Marriage Hack,” the better. Co-founders can do this too. Here’s how it works:
When everything is perfect on paper, and you have the right partner for you and the business looks like it is going to be a great success, then it is time to take pause and see if your vision may be clouded by the excitement and the assumptions that each of you may be making. You may think you are on the same page from many late night brainstorming sessions, but there needs to be more thought and serious introspection, both individually and together, about the deeper functions of this new relationship.
It has been said that you can never guarantee that you and your partner will get along tomorrow as well as you do today. You may get along great today, but tomorrow, whether it is an outside force that becomes a challenge to your business or an internal change that may challenge the survival of your company, it is important to be able to depend on your partner to rise and meet the challenges together.
The “Conscious Contracts” model is an alternative to the traditional model of confusing legalese and unclear expectations. It emphasizes communication between the parties, thoughtful drafting in plain English, and a commitment to using the contracting process to create a workable relationship that empowers the parties to resolve conflicts as they arise, especially in the face of unforeseen complications.