Know their real interest. Someone has rightly said — business partnerships are a little bit like marriages.
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Creating a perfect partnership demands - understanding, effort and desire to make it work by all the partners involved. Setting up a successful business partnership is definitely an uphill task. However, if done successfully it can lead to some of the most flourishing business ventures in the world. Warner Bros, Microsoft, Apple Inc, Google, and Twitter are some of the monumental examples before the world that evolved out of a concrete business partnership. Just like your employees, the roles and responsibilities should be divided between business partners.
Most likely, you and your business partners have a different set of skills and specialties. It is advisable to have written job roles, duties, rules and titles for each partner, rather than working under false assumptions. Clarity in job roles can save you unnecessary frustration and disappointment. Once it is done, be accountable for your roles, each other and to the business. Ending your business partnership is the last thing you would think about before embarking on the journey of partnership. It is like thinking about divorce on your wedding day.
But an exit strategy can act as a lifeguard when your business is about to sink. A sound business exit strategy includes many elements — legal points regarding the division of the business assets in case your business partnership breaks or one of the business partners meets death.
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Similarly, Key Man insurance plan manage the risks and ensures that the company has sufficient funds to keep the business going in case of unfortunate demise of a business partner. Ideally, you will have a partnership agreement before the foundation of a relationship. Outline the dissolution plan in the agreement, including timeline for the entire process of split-up, business insurance, payments made to tax agencies or attorneys, documents required for filing tax returns, list of tasks that need completion, and so on. Have a personal conversation with each other to discuss all these as well as factors that could possibly end of alliance and where to draw the line.
Disagreements are bound to occur in any type of partnership. No matter how much you try to avoid, there will be issues, conflicts, disputes and impossible requests.
It is important not to let the bad feelings build and multiply over time. The key to a good relationship is to let other parties share the complaint without being defensive. Make it an unofficial rule to reach out to each other when something needs to be addressed. No matter how complex a disagreement is, with good understanding, patience and strong communication, it can be resolved.
The best way is to nip an issue in the bud which can be done through regular, scheduled face-to-face meeting, at least once a month. It is always best to propose a plan for the changes you would want to see for a positive result. Give everyone time to respond to and agree before you implement any of the changes. No matter how big or small our business endeavor is, your ultimate goal would be to grow your business.
Partners join forces for multiple reasons, and amidst all these, it is important to focus on the strengths of each individual. Identify the underlying strengths and bring them out to make a big difference. Doing so adds to energy, zeal, and motivation against the odds of long-term success.
The foundation of a business partnership often lays in the fact that partners complement each other.
However, there might be some areas left where none of the partners has either interest or expertise. Over time, these factors can make your business sink. Limitation of business partners can stretch to several domains, like strategy planning, product development, sales and marketing, financial management and administration and so on. Rather than driving yourselves to a dispute, point out the areas that are creating issues for you. You might think that a successful business partnership is easier said than done, but with supportive relationships, efforts, and clear rules, you and your partners can build a large, strongly-founded business empire.
Coming together is a beginning, keeping together is progress, working together is success. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Riders are not mandatory and are available for a nominal extra cost. Please read respective rider brochure before taking a decision.
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IRDAI in not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Investors need three things from founders besides the high level of confidence they will look for when watching a pitch. They will need a slide deck, a financial model with 3 years of projections also known as a hockey stick graph for the way the growth of a business tends to spike up at some point in the future , and finally a capital table of the company.
These materials must be prepared with a lot of thought and made to look as professional as possible.
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Founders may need some help from a financial modeler and also a graphic artist. The rest falls to the founders and their vision. Tip: make sure to know the competition because investors may have heard another pitch and want to know your opinion on another company. Entrepreneurs have two jobs: run a business and raise capital to run that business. I have met a lot of entrepreneurs who focused on raising a funding round that gave them 18 months of runway on paper runway is the amount of time a company has until it has depleted all of its cash. Only once they had completed the funding round did they then focus on building the business.
Then once their reserves are down to 6 months of cash left, the entrepreneur changes gears and goes back out on the road to raise more money. This is a big mistake. First, having 6 months of cash is a position of weakness. Investors can take advantage of the situation and demand harsher terms, knowing that your runway before going broke is short. For example, they can demand a 4X return guarantee before common shareholders get anything. They can also lower the valuation and trigger anti-dilution provisions, which dilutes the common shareholders as well as the junior preferred investors.
Second, it almost always takes longer to raise capital than an entrepreneur anticipates. If you only have 6 months left and are just starting to raise, you can be left in a position where you only have 3 months left, or even two. The best solution is to always be raising money. As soon as you close your Series A, you are off, hitting the road to either extend the round with another investor or begin raising a Series B.
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There is no time, or reason, to wait. The real question is whether this hurts the business because of the financing distraction. Can an entrepreneur be as effective leading and growing a company if they are also meeting with investors? The answer is yes. Although lenders have a tenure of up to 7 years, it's better to stick to 4 years. Ten stands for the ideal percentage of your net-take home salary that should go towards car loan EMIs. Emergency fund As the name suggests, an emergency can happen anytime and needs immediate action.
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