We often talk about joint ventures and strategic alliances, and these are simple partnerships that can be quickly put together for mutual benefit. But what about long-term partnerships?
I’ve asked my friend and client, Dorene Lehavi, an expert on business partnerships, to share some of her wisdom on how coaches could benefit from getting a business partner, and the steps they can take to find their perfect partner.
“While many coaches are sole proprietors, consider another option. The right business partnership offers a number of advantages to everyone involved:
- The feeling of isolation is over. As a sole proprietor, coaches are often alone in the decision-making, strategizing and creative processes. Having the right partner to bounce ideas off of alleviates the need to go it alone.
- Partnering with the right person expands creativity and possibilities for broader offerings and services. With each individual bringing their unique strengths to the table, new possibilities become feasible.
- Risks and responsibilities are shared.
- Personal growth flourishes through the challenges of the partner’s relationship. Creating a successful partnership requires knowing oneself and having the ability to openly and honestly communicate and listen well.
- Someone else can carry the ball when a partner attends to a personal situation. As sole proprietors, coaches often need to put their businesses on hold when personal issues arise.
- The division of labor reflects the strengths of each partner. As sole proprietors, coaches are left to do all the work themselves, regardless of their own personal strengths. Having a partner allows for coaches to focus on the work that is best suited to them.
- Bottom line increases. Client base will increase due to the perceived benefit delivered through the perspectives of two coaches instead of one.
While the right partnership offers many benefits, the wrong partnership can end painfully and at great expense.
7 Guidelines to Choosing the Right Partner
Get to know each other well. Share how you each have handled business situations in the past, what family obligations you have, how do you each handle personal finances, including level of debt owed, and much more. This is not the time to hold back or be shy.
Trust, respect and likability are vitally important. These traits will evolve as you get to know each other. Do not commit to the partnership until you have reached a level of mutual respect, trust and friendship.
Commit to open and honest communication. This is the only way to maintain and grow the relationship once you ‘ve made the commitment to partner.
Clarify each partner ’s role and job description and record the results. More relationships get into trouble when partners blame each other for doing less than they said they would initially. Others may do the opposite by overstepping into each other ’s territory. Your written job descriptions will act as reference and a checkpoint to prevent these from happening.
Plan in advance how disagreements will be resolved. There are many options. The person stronger in one area than the other might be deemed the decision maker in that arena. A third party might be engaged in a standoff. Any other solution, including a coin toss, is ok as long as it is agreed to by both partners.
Meet regularly on a scheduled basis to discuss ongoing and new issues. Even though you are busy, it is vital that communication occur on a daily or bi-weekly basis, even if only for 5 or 10 minutes. Once a week is the bare minimum.
Enjoy the fun of being in a partnership. Remember that you and your partner are on the same side of the table with the same goal and vision. Develop your friendship and be sure to include laughter and good humor.
Dorene is kindly offering a FREE partnership assessment with interviews of successful partnerships. You can learn to spot the warning signs of partnership troubles, avoid conflict and misunderstandings, build trust and confidence between you and your partner, and much more. Go to http://www.coachingmillions.com/partners now to get your free gifts from Dorene.
Thank you, Dorene, for sharing these great insights!
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{ 8 comments… read them below or add one }
Thank you. Dorene and Milana! I’m just beginning my coaching journey and this info is exactly what I needed right now!
While I’m a believer that strategic alliances and partnerships can be invaluable, it’s important to recognize the many pitfalls, most of which can be minimized with crystal clear communications and written agreements. Often partners come together for either a brief period or for a specific project or at some intersection in their respective businesses. If they maintain other enterprises as well as the shared one, it’s important to agree on how they’ll each invest their energy and creativity. Does the shared project get all their attention while it’s building? Does it get a few hours a week? Nothing can kill a potential success faster than the belief that the other person isn’t pulling her weight (while the other person may believe their partner is ignoring their primary business in favor of a temporary hook-up).
It’s important that partners understand their desired outcome from the alliance and ensure their partner has the same goals in mind. And, just as important as agreeing on how they’ll succeed in the shared enterprise is an agreement on how they’ll separate, either simultaneously or allow the other to bow out with a pre-planned process.
As a Mediator and Relationshio Coach I come across many great partnerships that go wrong just because there was no ongoing conversation and problem solving technics, to what reality brings into life.
A good agreement, a respectfull way out and ongoing sharing of feelings will give the partnership the best ground to grow .
Thank you for the reminder.
Sandra
I love this article! I’ve been working with my business partner for the last few years and it’s made such a difference. We’re able to support and challenge each other in equal measure – it’s like having a full-time coach watching over your shoulder.
The main reason I think our working relationship works is because we’re very different people but with a shared vision. Our skills and experiences complement each other – where one of us is weaker the other is strong and vice versa.
I see partnerships fail where people seek out someone who’s like them. They encounter problems when they both focus on the same strengths but both hate and avoid the same things!
If you hate accounting and detail but love spending time meeting new people, seek out a partner who thrives on detail but doesn’t enjoy networking.
It’s important to review your plans and talk honestly regularly. We literally talk every day about where the business is heading and what we’re each going to do to make it happen.
Thank you all for your comments about my article. Everyone of you has hit on some of the exact points needed to address if the partnership relationship is to succeed. Many more articles written and to write.
Re: the idea that partners might be too much alike can be turned around to work as well, by agreeing to divide what they love to do and delegate or hire others to do what they don’t.
You are right that being specific about who will be responsible for doing what is key. So many call me for coaching at the point where they are feeling that they are doing it all or at least a lot more than their partner. And often both partners think that. There are lots of ways to turn the pitfalls into great strengths and enjoy the benefits of having a partner.
I agree with Hannah’s comment. Too many times we seek to find partners just like us and miss the mark. We need to partner with people who have complementary skills and strengths.
However, although you don’t want to find someone “just like you”, it helps if you have similar communication styles in order to stay on the same page.
Thank you for this article Milana. It is very helpful as coaches start thinking outside the solopreneur box and create new business models.
I have had successful relationships in coaching by adhering to 2 specific rules.
1. Clearly define roles and the conditions of satisfaction in the relationship. Don’t violate this for any reason.
2. Pick partners that add value to the firm because they are strong where you are weak. Too many times we pick partners that are the same as us and it creates disastrous results.
I think it can work if you handle it properly.
I like the good insights on business partnerships for coaching business. Being a sole proprietor can be overwhelming and an idea of a complementary partner is lovely. However, the partnership should be purposeful and planned. One ought to have selected the niche market, defined the vision and mission of their business, developed their coaching system and defined what success means for them. Once this is done, it would be easier to make a decision on the kind of partnership to pursue and when is the right time to do so.The partner therefore comes on board to share into your vision and fast track progress towards attaining the set business goals. It would be good that partners clearly define what is in the relationship for them so that they remain motivated and focused.