IntentionalBusinessPartnerships

I’m going to admit upfront to taking the time off working this afternoon to catch about 30 minutes of the Oprah show. Now, I don’t know a re-run from a freshly taped show - but the main feature immediately grabbed my attention. Five (maybe six) women - all ages, several sizes, shapes and different careers, had been given a complete makeover to “get their sexy back”. As I watched, I learned that more shapely, close fitting dresses are in back in style. I saw boots combined with over-sized sweaters, colorful ruffled blouses, the “old secretary” dress with a short coat - and a dozen other looks put together to help these real women with real lives “get their sexy back”. As the segment developed, each of them was asked how they felt after the experience and the answer was a unanimous HAPPY! Just as I thought I’d totally wasted those precious 30 minutes, the lead designer of the makeover crew made an incredibly important statement. He pointed out that the effect of recovering a piece of who each of the women truly were before they’d assume the role of mother, wife or park ranger - was reclaiming their authentic self. By stepping out of the vanilla flavored role and showcasing their uniqueness, they were able to shine. The best, most productive and satisfying business partnerships enhance the authentic character and contribution of each of the partners. They encourage each other to develop their quirky, strange and oh so unique way of seeing the world and doing things.  They resist the temptation to pressure each other to be and think and act “just like me”.  So - hey, improve your results and get back to serving your market in a bigger and better way - by getting your sexy back.

For some odd reason I ended up in Orlando the week of the NBA finals.  And for some other odd reason I’m staying in a hotel where the new associates of the Truly Nolen pest control company are being trained. The story I’ve been told by one of Truly’s 30+ year veteran employees is that 81-year old Mr. Truly’s father started the company in Miami in 1938. Young Truly wasn’t really interested in the glamour-less business,though. But as luck would have it, he found himself on the way to Tucson, Arizona when his car broke down. Short of cash, he bartered his knowledge of how to rid the mechanic’s shop of some pesty vermin for the car repair. Convinced of the value of his service, Truly took over the business. The part of the story I really like happened several years later. Like many businesses, suppliers’ terms and conditions make a bit impact on margin. Growth came to Truly Nolen when he convinced a local supplier to accept advanced payment in exchange for privileged prices and deliveries. These two business people made an agreement and Mr. Truly kept his commitment. The happy ending to the story is supplier and customer became business partners - they outperformed the competition and managed to build a national company which is thriving even in today’s economy. Build a partnership on common sense and mutual benefit - and a relationship on character and accountability - and thrive!  For more on the business check them out at www.trulynolen.com.

There are different forms of partnerships you can create to help grow your business.  Jerrilynn Thomas, CEO of the IVWCC defines partnering as the synergistic affect from pooling of resources to work together toward a common goal.  She talks about reducing the duplication of effort (the reason many people go into partnership) and thus saving resources to be reinvested in other projects (good reason #2).  I’m all over that idea and this year entered into a joint venture with my partner Christy.  One of the reasons we decided on the jv is that allows you to maintain your individual business and identity and still join together to conduct a specific business enterprise - both parties sharing profits and losses.  We’re targeting a niche market neither of us has marketed to before.  We want to take the risk (by contributing alot of sweat equity) without risking the ranch!  I’ll keep you updated.

Partnering for profit and growth has been around since Biblical times.  “The brother who helps his brother is like a fortress.”  One of the really interesting aspects of this approach to creating wealth is that it requires all partners to transform  themselves in terms of relationships, behaviors, processes, communications and leadership. So my question to potential partners is:  What transformation process do you have in place to insure that the potential of the partnership can be realized as soon as possible?  My sense is that alot of energy is spent in resisting the change?

Everyone knows we need to select a business partner carefully.  But why partner to begin with?  What makes having a business partner a good idea?  And if you decide to go for it, how can you make a great choice?  Who makes a good partner?  What makes a great business partnership continue to click over time?  (Like Warren Buffet and Charlie Munger) How do you know when it’s time to bail?  These questions and others related to business partnerships have been on my mind for several years.  As a business coach, I’ve listened to countless stories relating the highs and lows of being in business with another person…and frankly, many of them had me wondering!  Why would anyone put up with some of the bad behavior their partner exhibits?  The answer?  Partnerships don’t tend to start off badly - they go bad over time.  And often, before we know it, respect has been violated, the partners feel they’ve been abused and the party seems to be over.  And no one really noticed what happened.  And I may be wrong - but it seems to me that being intentional about who we invite into our business lives and conscious of what happens once we establish that relationship is key.  So my blog is dedicated to the success of business worldwide - by raising consciousness, one partnership at a time.  I invite ideas, disagreement, and spirited dialogue.

At least 50% of this year’s Harvard MBA graduating class are taking an oath to uphold ethical business practices. Comments on this initiative range from the ridiculous (come on, business is inherently unethical) to the sublime (finally, a new breed of business person). What about practical? What these young grads are saying is that they need to be explicit about their intent to treat everyone involved in their business dealings with respect. And by so doing they surface a ton of assumptions (once upon a time, there was a company called Enron…therefore…) and interpretations (business people are greedy and only think about themselves). I’m totally in agreement with the new MBAs who are taking responsibility for the kind of business people they want to become. Imagine what we’d be dealing with if medical doctors suddenly decided to do away with the oath!