1. Companion Materials for Strategic
Partnership Workshop
Copyright 2009 The Hendrickson Group
Should I Have A Business Partner?
2. Introduction
• This document is the companion guide to the course: Your Start –Up
Partnership.
• In the course, we discuss specific criterion that will help you find a suitable
partner, work toward a common goal using your individual strengths and
skill sets while creating a valuable business.
• This companion guide helps you and your potential business partner sort
out the issues that need to be discussed and decided prior to going into
business together.business together.
• Working through these questions will help you clarify your working
relationship.
• If you’re already in business together, reviewing these questions may help
you clarify your working relationship.
• If you’re looking to start a company with someone else, this guide will help
you create a strong and successful partnership.
Copyright 2009 The Hendrickson Group
3. Why Go Into Business?
• There’s lots of reasons that people go into business:
– Many businesses are set up so that the shareholders can :
• Make money
• Live a lifestyle of their choosing
• Achieve personal and professional goals
• Contribute to society, self and/or a selected community• Contribute to society, self and/or a selected community
Copyright 2009 The Hendrickson Group
4. Why Do I Want to Open a Business?
• What do I want to get out of going into business?
• Why not just get a job?
Copyright 2009 The Hendrickson Group
5. Why am I going into this business?
• What is my motivation for working on this particular business idea?
• What are my expectations about this business?
• What am I willing to do to have this business idea work out?
Copyright 2009 The Hendrickson Group
6. What Is My Definition of Success?
• I will have succeeded in this business if I:
• The company will have succeeded if it:
Copyright 2009 The Hendrickson Group
8. World View
• A world view is the context that you see the world from. Do
you think the sky’s the limit? The glass half full? Do you call
yourself an eternal optimist? Then you’ve got an optimistic
world view.
• Feel that the world might have danger and risk around every
corner? Feel like the glass is half empty? Then your world
view might include a low level of risk tolerance.view might include a low level of risk tolerance.
• Whatever your world view, it should jib with your partners.
Have conflicting world views makes working together more
difficult. Similar world views allow for strategic agreement
around risk and reward and business decision making.
Copyright 2009 The Hendrickson Group
9. What is My World View?
• How do I see the world and my relationship to it?
Copyright 2009 The Hendrickson Group
10. Values
• Your values drive your actions. Having similar values has you
and your partner align around these values which presents a
unified way to drive and deliver results.
• Values such as integrity speak to mutually agreeable ways to
build the business and its policies towards the partnership,
customers and employees.
Copyright 2009 The Hendrickson Group
11. What Are My Personal Values?
• What values have I designed my life around?
• What values are most important to me?
Copyright 2009 The Hendrickson Group
12. Special Skill Sets
• Individuals that go into business bring specialized skill sets
that they may have learned in school, on the job or just
through pursuing passions or interests.
– Knowing what the skill sets that you bring to a business is important.
If you know what your strengths are and play to them, you can very
much create at least part of a successful business.
– You may have to learn other skills or adapt your skill set for the– You may have to learn other skills or adapt your skill set for the
marketplace, however, having these skills to start off with will give you
the boost to start your business.
Copyright 2009 The Hendrickson Group
13. Skill Set Assessment
• What personal skills and qualities do I bring to the business?
• What personal qualities do I bring to this business?
• What are my passions?
• Where’s the gap between the vision I have for this business
and the skill sets that I have?and the skill sets that I have?
• What are deal breakers for me?
Copyright 2009 The Hendrickson Group
15. Partnerships
• Once you know what your skill sets are, recognize and
acknowledge what you’re passionate about and what are deal
breakers for you, you’re ready to create an outline of what
complimentary skill sets and qualities that you need in a
partner.partner.
• Often times new start ups happen because people like each
other and have similar interests and skill sets. Be advised that
these people may be your friends but might not be the best
people to help grow your business. Having complimentary
rather than similar skill sets helps create a strong partnership.
Copyright 2009 The Hendrickson Group
16. Why am I going into this business with the partner
that I’ve chosen?
• What personal skills and qualities do I bring to the business?
• What personal skills and qualities does my partner bring to
this business?
• Do our skills and qualities complement each other or do we
replicate each other?
Copyright 2009 The Hendrickson Group
17. Creating the Partnership
• Shameless Disclaimer: I am
not an attorney. Please
check with your attorney for
any legal concerns that you
might have about creatingmight have about creating
the partnership.
Copyright 2009 The Hendrickson Group
18. Legal Formulation
• Business Creation: Determining together the formulation of
the business (LLC, S Corp, C Corp etc..)
• Financial Foundations: How will you get this company off the
ground? Will you each invest equal sums or what will the
financial commitment be?financial commitment be?
• How will you create the ownership percentages for the
business (50%/50%, 51%/49% or other)
Copyright 2009 The Hendrickson Group
19. Planning from the End to the Beginning
• What’s my exit strategy? Is the question that you’d think
comes at the end of the journey, but really, it comes at the
beginning.
• Three Exits Strategies in Business:
– IPO– IPO
– M&A (family succession is included in this)
– Go out of business
• What is my exit strategy?
• Is it the same as my business partners?
Copyright 2009 The Hendrickson Group
20. Creating the Partnership
• Strategic Planning
– What does the business need from each of us? How will we create the
strategic plan together?
• Financial Requirements
– How much do we need to get this off the ground? How will we fuel the
business until we start selling product/services?business until we start selling product/services?
• Governance Issues
– Division of accountabilities
– RACI Chart
Copyright 2009 The Hendrickson Group
21. Next Best Steps
• After you’ve gotten the partnership issues squared away, then
comes the fun part of business creation: actually strategizing
and building the company. We don’t cover that in this
workshop, however, FutureLAB: Weekend and FutureLAB:
Start IT! are great places to turn your business dreams intoStart IT! are great places to turn your business dreams into
reality.
• For more information about FutureLAB workshops visit
FutureLABmedia.com or email hendrickson.lisa@gmail.com
for more information.
Copyright 2009 The Hendrickson Group
22. Keep Connected
Newsletter sign-up
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Social Stuff
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To Reach Lisa Personally
– NM: 505.903.7778 (o)
– NY: 212.942.6151 (o)
– hendrickson.lisa@gmail.com
23. Thank You! and Pay It Forward
If you found this presentation useful, please pass
it along to someone else who it might help.
For strategy consulting or workshops in your area contact
Lisa Hendrickson hendrickson.lisa@gmail.com
