An Unconventional Approach to Business Relationships

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?

Episode Resources

• Rachel Schaffer Lawson on LinkedIn
• Schaffer Law Frim PLLC, Nashville, TN
• Pick up a copy of Marriage Without the Sex: An Unconventional Approach to Business Relationships

Thank you!

If you enjoyed this post, please consider subscribing or leaving a comment below.

More about Acme Advisors and Brokers

• Selling or buying a business? See if you're prepared.
• Looking for more information regarding planning, valuation, buying/selling a business? Give our podcast a listen.
• Or, schedule a confidential, complimentary strategy session.