Building a Firm Foundation

A business partnership can enable you to fulfill your dreams. Or it can become an excruciating nightmare. The difference is often determined by a few key business and interpersonal factors. How well do the partners understand each other? How well do they treat each other? How well have they clarified their business arrangement? How well do their dreams meld into a common, powerful vision?

The Workbook Process

BMC’s PARTNERSHIP CHARTER WORKBOOK provides a practical, structured process for partners or prospective partners to address these crucial issues. Along with Dr. David Gage’s leading guide to business partnership, THE PARTNERSHIP CHARTER: HOW TO START OUT RIGHT WITH YOUR NEW BUSINESS PARTNERSHIP {OR FIX THE ONE YOU’RE IN}, the WORKBOOK is a step-by-step framework for creating a comprehensive set of agreements.

The 13 units in the Workbook help partners to talk about seldom discussed and sensitive interpersonal issues including personal styles and values, mutual expectations, fairness and conflict resolution. They help create clarity about the business aspects of their “deal” related to money, vision, governance, ownership and control. The product of the process is a Charter document that commits to paper the partners’ conclusions in all areas. If you are considering a partnership, expanding one or trying to save one from serious problems, a Charter can make all the difference.

A Total Solution

Lawyers and accountants are indispensable in running a business. But, working alone, they may not have all the expertise needed to help you through many fundamental issues dealt with in a Partnership Charter.
· Trust and fairness. These are the foundations of a partnership. Truly achieving them requires frank and probing discussions.
· Personalities. Partners’ different personalities can add to the range of capabilities in their business. But they can also rub each other raw. Learning how to avoid the hot spots can save the day — every day.
· Values and vision. Good will and consideration can only go so far. A partnership can still fail if the owners have divergent visions or values. It’s vital to align them.

BMC has drawn on its combination of business, finance, legal and psychological expertise to create a WORKBOOK process will give you an opportunity to deal with all of these issues in a positive and effective manner.

Charter Options

The WORKBOOK can be utilized with more or less assistance from BMC Associates. The standard options include:

1. Self-Directed Option. This option is the minimal approach to the PC Process and is only recommended for people on a limited budget because portions of the charter are difficult to do without professional assistance. This option includes a 1-hour orientation seminar, copies of the Workbook and of personal styles and values tests for 2 partners, as well as written comments on the final draft of the Charter from an experienced BMC consultant.

2. Distance-Consulting Option. This option provides additional guidance and assistance in the preparation of a Partnership Charter. A single consultant assists clients by telephone through the PC Process. The consultant orients the clients to using the Workbook and makes specific recommendations for how to proceed and which exercises and subjects to focus on. He or she then conducts a series of 3 telephone sessions with all of the clients together to guide them through the Workbook exercises. The consultant thoroughly reviews the various sections of the Charter as the clients’ draft them, and provides verbal and written comments. He or she concludes with a 1-hour wrap-up teleconference to discuss those comments and make final recommendations.

3. Guided-Retreat Option. This is the preferred option for most partners. A single consultant with expertise in either business or psychology, but who is well versed in the other field, provides in-person service. There is extensive preparation by email and telephone using the Workbook exercises for each Charter unit. The consultant then meets with the clients for a 3-day retreat (or the equivalent time in half- or full-day meetings) and assists them with their discussions and negotiations. The clients do the final drafting of their Partnership Charter with assistance from BMC.

4. Full-Service Option. A 2-person multidisciplinary team that includes experts in both business and psychology leads the Full-Service Option. The heart of the full-service approach is a 3 to 4-day retreat or an equivalent series of face-to-face meetings. Preparatory work utilizing the Workbook precedes the retreat. This option is designed to yield a complete, written Partnership Charter that thoroughly documents all of the key business and interpersonal issues. BMC drafts the approximately 30-page Charter document based on the clients’ discussions, negotiations and agreements. Partners typically share their Partnership Charter with their business attorney who then drafts their legal documents for their corporation or partnership. This as the most effective approach and strongly recommended when there are more than 2 important stakeholders, the business arrangements may be complex, or any of the principals anticipate areas of disagreement.   review a sample Workbook unit >>