There’s safety in numbers. Right? Choosing to franchise with a business partner can seem like a safe choice. There’s someone to contribute to the franchise investment, someone to share operational responsibilities with plus an extra perspective and skillset. Business partners can make franchising less risky but they can also add a layer of interpersonal drama. Sticky Situations […]
Partners
Hire for Your Core, Partner for the Rest
A trend for businesses large and small There is a major trend shaping up that is worldwide, already identified by hundreds of thousands of startup and small business CEO’s. By carefully recognizing and focusing upon the very core of the business, these CEO’s are allocating their scarce cash resources to hire the best talent they […]
The New World of Co-Opetition
The relationships we establish, in business, are very complex and constantly changing. We have relationships with colleagues. At some point, we or colleagues may choose to go work someplace else—even our competition. We don’t, at least I haven’t, stopped those relationships. Most of the time, there is intense competition—I want to beat them, just as […]
7 Whirlwind New Venture Partner Marriages to Avoid
Most entrepreneurs who start a company alone soon come to the conclusion that two heads are better than one—someone to share the workload, the hard decisions, and the costs. In a moment of crisis, you may be tempted to take on the first person expressing interest as a co-founder. This would be a mistake, and […]
7 Pitfalls to Watch Out for When Funding Your Small Business
Remember that you’re going to make mistakes while running your business. It’s okay to make a few mistakes. But most financial mistakes are the results of lack of financial knowledge or poor planning. Here are the most common pitfalls to avoid when securing funding for your small business. Choosing the Wrong Business Partner Not choosing […]
7 Questions to Ask Yourself When Choosing a Franchise to Buy
You’ve decided you want to buy a franchise, consulted a franchise attorney, and confirmed you have the means to move forward. Now comes the fun part: deciding on a franchise. From retail stores and restaurants to professional services and home-based businesses, the landscape of opportunity is vast and open for you to explore. As you […]
Take Only “Smart Money” Investments
This statement could be considered controversial. We have previously made the case that professional investors demand more in the form of restrictive covenants and lower valuations. Now we explore the other side of that coin. Professional investors usually bring “smart money” to the table, defined as money that comes along with good advice and great […]
Can Your Lawyer Destroy a Good Business Deal?
Over the years in business and as a member of over forty boards, I have received good advice from corporate attorneys and on occasion bad advice as well. There is a line that should be drawn in a relationship between corporate attorney and CEO or board. Attorneys are paid to protect the corporation, not to […]
10 Clues That It May Be Time to Seek Outside Help
If an entrepreneur doesn’t find themselves in over their head at least 20% of the time, they are probably not pushing the limits, not taking enough risk, and probably not working on an idea that’s worth doing. The challenge in to know when and how to ask for help, and not let bravado and ego […]
5 Signs a Potential Partner Could Hurt Your Business
Starting a business venture with a friend sounds like a great plan—what could go wrong? If they’ve been a loyal friend and a positive influence on your life, why wouldn’t they do the same for your business? While there are many successful tales of business partnerships that started out as friendships, you may be surprised […]
