If you have an issue with your business partner, the best thing you can do is bring it up now. Don't give the issue time to fester and eat away at the foundation critical to the success of your business - your founder relationship.
Go for a hike, grab a drink, do something informal with your partner, and ask them how they think things are coming along. It's much easier to deal with business conflicts informally than when lawyers become involved.
Hard discussions will never be easy, but it's helpful for you to think about why you find the discussion difficult. If the thought of bringing up your issue makes you squirm, you should question whether you're ready to lead a business. On the other hand, if you just know that your cofounder won't hear you out or get defensive or volatile, then you should stop to examine whether you really want to be in business with this person.
I've said throughout my Business Partnership Mastery Series that accountability is key to the success of your founder relationship. And, there's no way you will see success if communication is bottlenecked because of an inability to hold each other accountable. So, have that tough conversation today!
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This is another video in my Business Partnership Mastery Series, where I will be diving into both the philosophy and legal nuts and bolts of mastering business partnerships. If you are a current or future business owner, you will definitely want to stay tuned for videos in this upcoming series, so make sure to subscribe!
Inspired by the content in my book, Partner-Proofing Your Partnership, I will touch and expand on the primary concepts I fleshed out in that short read which you can find here:
For a deeper dive into and other legal issues vital to the success of your deals and your business, visit me at:
Just starting up? Check this out for my advice on startup success: www.thestartupshepherd.com.
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My 20+ years of experience in business finance, business law and entrepreneurship have led me to believe that numbers and logic are awesome tools, but understanding human nature and emotions is the first step to business success.
The Cenkus Law Firm provides services related to mergers & acquisitions, general business issues and startups, including founders’ agreements and fundraising. I also consult with entrepreneurs and have invested my own capital as an angel investor.
From 2010-2013 I served as Chief Legal Counsel of a publicly-trade international oilfield services company. From 2001 to 2006 me and a partner founded and built Paragon Residential Mortgage. Paragon was sold to Bridge Investments in 2006.
I hold a Juris Doctorate from Harvard Law School and a Bachelor of Arts degree in Economics from Messiah College in Grantham, Pennsylvania.
Now, I live in Austin, TX with my wife and two kids. I enjoy reading, running, classic movies, great food and wine and some great American football.