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What IF’s

Welcome to the What IF’s — Scenario Handbook For Business Partnerships

The purpose of the “What IF’s”– Scenario Handbook is to present you with some of the important questions you have yet to ask in your business partnership.  This guidebook is intended to encourage you to prepare for the inevitable unexpected scenario.  Obviously there is no way to know what will come up or when, but something always does.

The benefits you and your partner will gain from using this book are on many levels, and not always as obvious as you may think.  The main goal is for you to be able to determine the course of action for your business when a “What IF” circumstance presents itself, but an even more important goal is that you learn and practice the art of communicating.  You will know how to talk to each other about the details.  In the process, you will reveal a lot to yourself and each other about what is important to you and how you handle life.

Remember that the priority here is the business and we want a win/win/win outcome.

If at any time the expertise of a lawyer, CPA, Coach or any other professional is needed, do not hesitate to engage the best. If you are trying to avoid it for the sake of saving money, be aware that road usually costs you more in the end.

Truly it does not matter at what stage of a business partnership you are in to gain the benefits of this handbook.  Certainly if you are just starting out or still considering going into business with a partner, this handbook should be the ideal catalyst to begin creating your business plan.  However, even if you have been in a business partnership for many years this handbook will create an opportunity to discuss and plan for the events in life and business that have yet to happen.

 

How to Use this Handbook!

The questions listed in each category are questions that others have faced.  They may or may not be pertinent to you now or ever for that matter.  The purpose is to get you thinking of scenarios that you may encounter.  Don’t be rigid about the order and you don’t have to answer all of them unless you want to.  Each question has a page to record your thoughts and decisions.  Don’t pound away if something is not working.  Leave it and come back at a future time.

THE BLANK PAGES ARE FOR YOU TO ADD YOUR OWN SCENARIOS AND PREPARE FOR THEM.

The questions and scenarios are not listed in order of importance or severity.  What may be very important to one business partnership may not have weight in another.  They are random in arrangement for that reason.  Understand and be ok with not being able to arrive at satisfactory conclusions on all of these scenarios.  They are not always easy.

It is important to do three things:

1.     Have the conversation even if you leave the solution open
for now.

2.     Revisit this book and the scenarios at least two times a year.  Schedule these meeting now!  Plan to do them in a setting
out of the office…preferably a retreat type of atmosphere.

3.     Be open to changing any decisions made at an earlier time.
As you work together and your business progresses you gain knowledge and experience. You may find better solutions.

 

Please feel free to copy the pages to give yourself the opportunity to utilize this book again and again.

 

 

The What IF’s of:  The Vision

The Vision for the business is the absolute determined purpose for creating it.  It should be something you are both passionate about and to which you are seriously committed.  It is built around an idea, product or service for a specific part of the population that will be bettered for its existence.

There are actually two parts to a vision statement. One is the vision for the business; the other is the personal vision of each partner.  Hopefully you are unified now, but things could change and a “What IF” scenario could emerge.  Then what?

If the Vision is not a unified reality it can and does cause serious challenges in the relationship of the business partners.  So here are some questions and/or scenarios to consider when forming, expressing, and determining The Vision of a business.

Firstly, however, it is imperative that you and your partner have discussed the basic ideas in depth and are clear about your individual visions for the business and for your personal lives.  Consider short and long term goals; the client or target market you expect to serve.  For example, if one of you is thinking affordability and the other is thinking exclusivity there is already the possibility of a barrier between you and success.  It is essential to settle these matters first so you start out on the same page.  The “What IF’s” come next.

 

 

What IF one partner decides he/she doesn’t want to expand?  Although you had agreed to a projected growth plan, one of you decides to be content with what you have while the other is still very much ‘shooting for the moon’.

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What IF a third party investor begins to pursue either of you for an ‘in’ to the business? This can be a great opportunity especially if the investor is bringing a missing piece to the table. However, to insure YOUR investment is best protected you should determine beforehand the procedure for this possibility.

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What IF there is a side project opportunity?  Many times a lucrative business leads to possibilities for other ventures.  What procedure do you have in place for expansion and/or diversification?

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What IF the Vision is over?  Let’s face it not all ideas are great, not all great ideas are marketable and not all partnerships are meant to last…what criteria will determine when it is time to throw in the towel?

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What IF you have a personal vision?  What contribution do you want to have made in this world when you are done?  What purpose(s) are you most passionate about?

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Write out all the aspects of your VISION for your business and discuss the possibilities of facing some of these scenarios with your partner.

 

On the additional pages write the unified Vision for your business.

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Did you enjoy this sample?

 

Do you see how it will be helpful in preserving your partnership?

 

Do you have any questions for Dr. Dorene Lehavi?

 

Email her at dl@bizpartnerpro.com

 

Are you ready to commit to your partnership even more than before?  A small investment now can save you 10’s of thousands later.

 

What IF’s Scenario Handbook