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An Unconventional Approach to Business Relationships

SMB Podcast: Episode Four with Guest Rachel Schaffer Lawson

Episode Overview:
In this episode we discuss how to develop business partnerships (relationships) that actually work; interpersonally, functionally and legally. Rachel Schaffer Lawson, a Nashville-based attorney, joins us to discuss this critical approach to building out you company's future.

3 Key Points

  1. Business partnerships correlate quite well with marriage (without the sex)
  2. Prospective business partners should do the relationship work (upfront) to increase their chances for success
  3. Planning for your business exit yields far greater rewards

Time Stamped Notes

  • [1:00]- In the beginning, forming partnerships
  • [3:00]- Why do business owners not plan?
  • [4:15]- The “untactful” prenuptial conversation
  • [5:10]- Falling in “Business Love”
  • [8:35]- Trying to save just one business…
  • [10:05]- Getting married after 6 weeks
  • [11:15]- Who did I just marry?
  • [14:15]- The “Scale of Liability”
  • [17:15]- Stay in your own lane
  • [20:00]- How to change your partner(s)
  • [21:30]- Fighting well
  • [22:00]- Liability and wandering eye syndrome
  • [23:30]- Clear KPIs for each partner
  • [28:00]- Exit strategy scenarios & planning for the end
  • [30:00]- What’s actually “sellable”
  • [32:00]- BTW, why are you in business?
  • [35:20]- What’s next?

Thank you!

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