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Posts for for January, 2018

Do 80% of Partnerships Fail?

Posted on: January 18th, 2018 by R. Shawn McBride No Comments

In my research about partnerships, I found an article posting on Forbes which stated that a majority of partnerships fail.

That statistic seems high to me. We have talked about planning for partnerships. We have talked about the fact that all partnerships are not successful, and the fact that there are a number of challenges to face to build the correct partnerships. But synergy can be great and great things can happen. The real question is, do 80 % of them fail? I’m not sure where the number was from, but I can say this: There are a lot of successful partnerships now. They are doing great things. They are building things, and they are making money.

Most successful law firms, accounting firms, and professional services firms are partnerships. They create wealth, and they serve clients. There are other less public partnerships that are not celebrated, as well. Well-known companies like Microsoft, Apple, Dell, and others have been partnerships at different points of their journey. Some started as partnerships with a couple of people working together or some brought in investors who are partners.

Is the failure rate correct?  I think it really depends on who the partners are and how much planning is done up front. With the correct planning and with the correct steps, you can increase your success rate and not be a statistic.

What do you think about business partnerships? What do you think about the failure rates? Are you worried about this? Leave a note in the comments below.

Make sure you download our free checklist to assess your business.

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Mail Sparky.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
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Successful Collaborations for Successful Partnerships

Posted on: January 17th, 2018 by R. Shawn McBride No Comments

Being successful in partnership is not rocket science. We have previously discussed some of the key elements we have seen in successful business partnerships. It comes down to many of the principles of The 3 Laws of Empowerment.  If you want a successful partnership, you have to do these very things that we have talked about in other contexts.

#1. Prepare. Understand what skills you need. Understand where you are going, have the vision, and know that you can be successful in partnership. If you start with this foundation, you are laying the groundwork for success.

Where are you going? What do you need to do to get there? What do you want your life to look like? Are you going to be intentional about it? If you start with the preparation, you are going to start moving toward greatness.

#2. Plan. It is one thing to want greatness and a certain lifestyle, but if you are going to get there, have a plan. Know the path and how to get there. This means good planning and execution on that plan, in order to work your way to where you want to be.

#3. Protect. It is great to prepare yourself and to have a plan, but make sure you get what is fair and right for your skills and efforts and your work along the way.

How are you making sure that you are going to get paid for your efforts? For what is right for your contributions to society and the economy?

What has been your experience on making contributions that work, to achieving success? What have you done differently? What have you seen others do? Join us in the comments below.

Make sure you download our free checklist to assess your business.

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Andy Stafiniak.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

 

 

 

Why Do Many People Who Do Great Things Own Businesses?

Posted on: January 17th, 2018 by R. Shawn McBride No Comments

We work with partnerships and other successful growing businesses in helping them get where they are going. One thing we keep seeing is that people who are great, people that others admire, people that have a balance in life and a life that people strive for, are often business owners. Why do we keep seeing this over and over again? What are some key things?

#1.  Be balanced. If you are going to be a successful business owner, you have to be balanced and understand who you are. Understand how your life fits together and makes things work with multiple competing demands. People who over-focus on one area are usually not successful long-term business owners. If you only focus on your business and neglect your health, your health will eventually suffer and you may not be a business owner forever. Those who are successful in the long-term, who have families, who are healthy, and who have everything going for them typically has found ways to balance.

#2. Build a team. Being successful at business means building teams. This is a skill that is highly transferable. The same skills that work for building a team in the office will also help build a team at home and in the community. You will start building a skillset and seeing how to work with others in a better way.

#3. Have the long view. Know what you want your business to look like now and in the future. Know the balance you want to have between life, your family, and your business. This skill is powerful in other contexts because as you start seeing things emerge, you know you can work through things over time.

#4.  Set up the business to have balance. You may wonder how successful business owners achieve this balance between work and life. Years before it happened, many of the business owners already had that vision in their mind. They knew what they were going for, where they wanted to be, and they have gotten there. They are successful.

#5. Being more themselves. Being a business owner often allows people to specialize and to focus on those things they enjoy, those things that they are good at, so they can be more themselves. They can be who they really are, and they can focus more.

What are your thoughts about business owners and greatness? Have you seen a lot of great people who are business owners? What characteristics have you seen in them? Leave your thoughts in the comment section below.

Make sure you download our free checklist to assess your business.

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Steven Goodwin.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

 

 

 

 

The Unexpected Benefits of Finding Yourself Through Business

Posted on: January 16th, 2018 by R. Shawn McBride No Comments

Finding yourself through business is a journey, and often, business success or failure are tied to things in your personal life. Business people are starting to recognize that there is a connection between business and personal, and personal struggles may impact things that you might be struggling with in your business. Developing a successful business requires you to refine and grow, and it will help you to improve certain skillsets.

#1. Communication. If you are going to be successful in business, you are going to have to communicate. There will be a lot of negotiation in the business as you get things set up and going. You are going to explain your business to a lot of people as you try to find customers, work with vendors, and grow the business. You are going to become a better communicator as you run your business.

#2. Understanding others.  As part of growing your business and making your business bigger, know what others are doing and offering, and how you can benefit each other. Collaborate, whether it is with customers, or whether it is with vendors; whether it is with employees, or with strategic partners, or whether it is with the particular projects that you are working on. Understanding others and growing the business causes you to think more and more about them, what they need, and how you can work together.

#3. Know your limits. As a business owner, you learn what your limits are, what you can do or cannot do well, and what you should and should not be doing. As your business grows, you are going to get more focused over time. The business process is going to make you think about where you should and should not spend your time.

#4.  Rely on others. If your business is going to grow, you have to specialize. You have to involve others in some capacity, whether they are vendors, independent contractors, employees, or outside teams. In order for your business to succeed, rely on others to do what they do. This helps you to be a better leader, understand the risks, delegate, and do things correctly.

#5.  Become more human. The business process is challenging. It is full of ups and downs, good days and bad days. As you work with others, you will start to understand the human process, the struggles, and what is going on in life, in both yours and theirs. This may be one of the greatest benefits of owning a business, becoming more in touch with mankind.

What has been your experience in business? How has your journey been? What skills have you picked up that you didn’t expect? What are you working on? Please comment below.

Make sure you download our free checklist to assess your business.  

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Magdalena Pawlowska.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

 

 

Five Things to Do Differently When Setting Up a Partnership

Posted on: January 16th, 2018 by R. Shawn McBride No Comments

We spend a lot of time working with our clients on partnerships, setting them up, working through issues in them, making them grow. I often speak about partnerships, www.yourbusinessspeaker.com. I have come up with a short list of things that need to be done in the building of the partnership, things that every partner should be doing at a minimum before they start their partnerships.

#1. Whiteboard or be creative. The partners should get together and have a real- life discussion of what the partnership should be. Do some fun stuff, think about dreams. Be creative, and consider who should do what, how it should be done, and how the partnership should grow. This will be key to starting to build partnership agreements and discover how everybody will work together. Everybody needs a shared vision of where the business is going and what it is going to look like.

#2. Discuss expectations. What is each partner expecting? What does each want out of the partnership? Does one want a lifestyle? Does one want growth? How does each want this thing to work?

#3. Divide the money. Ultimately, partnerships are about economics. At some point, the partnership needs to make money to pay the bills of the owners, to allow them to live their lives outside the business. How is the money going to be divided? Talk about this sooner than later.

#4. Divide the responsibility. How is the business going to be done? How are the partners going to take care of each other? Talk about this division sooner than later.

#5. Talk about the four Ds and other issues. We’ve talked about planning for the four Ds:  Death, Disability, Divorce, and Disagreement. These must be planned for in every partnership. What happens if these what-if scenarios occur? How is the business going to grow and continue? What about other issues? Build plans that work and allow the business to continue, regardless of what happens in the future.

What has been your experience in setting up a partnership? What things are you thinking about for future business? What would you do differently now? Let us know in the comments below.

 

Make sure you download our free checklist to assess your business.

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Kimberly Vohsen.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

 

 

 

 

Five Key Benefits to Consider in Forming a Partnership

Posted on: January 15th, 2018 by R. Shawn McBride No Comments

I have spent a lot of time talking and researching partnerships and I often speak about partnerships, www.yourbusinessspeaker.com. I have found that many people like to focus on the negative and the failure rates of partnerships. Insert link. However, there are many benefits, and not all of these are always properly considered. Let’s think about some of the benefits of a partnership.

#1. Synergy. The partners can work together and create more value. Often the partners have different skillsets that work nicely together, that allow them to grow the business, and capitalize on each other’s unique strengths.

#2. Partners can do more together than they can do alone. It is hard running a business alone. It takes time and effort to cover everything. Many people find that one plus one equals three in the partnership scenario. They can do and accomplish more together.

#3. Partners can harness value. Being part of a partnership allows them to specialize. It allows them to do the things necessary to create greater economic value, which will benefit the partners.

#4. Create a better customer experience. Because there are multiple partners, there are multiple lead people to talk to and multiple skillsets involved. What we often find is that partnerships are able to craft a multi-dimensional business that leads to a better customer experience. Customer benefit is ultimately the value-driver of the business because customers will come back if it benefits them.

#5. You don’t have to do it all. If you are part of a partnership, you can take a break and hand things over to your partners. You can take turns running the business and the business can still grow. You do not have to be responsible for everything all the time.

What has been your experience with business partnerships? What have you done? What have you seen? Leave a comment below.

 

Make sure you download our free checklist to assess your business.

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer John Frenzel.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

 

 

 

 

Six Basic Characteristics of a Successful Business Partnership

Posted on: January 15th, 2018 by R. Shawn McBride No Comments

What should we look for in a successful partnership? I have spent much time helping people achieve their success by working on their business partnerships and setting them up correctly. After years of research and working with clients on partnerships, we have learned what common things to look for to make sure that a partnership is successful.

While this list is not exhaustive, here are six things you can look for in a business partnership to see whether it is going to be successful and to see whether the right foundation is in place:

#1. Common goals. Are all of the partners working for the same thing, the same place? Or are they headed in different directions? This simple step makes a big difference in whether the partnership is successful. If everybody is focused on the same dream, your chances of success are much greater.

#2. Respect. Do the partners respect each other? Do they respect each other’s decisions? Do they understand that there will be differences and they will need to work through them? Do they trust and believe in the other partner and their wants and needs and systems of doing things?  Do they respect their past successes, and know that they will take the steps for future success?

#3. Cooperation. Do the partners work together? Are they moving the same direction? Are they making more happen? Are they working for each other, or are they working against each other?

#4. Communication. Are the partners keeping in touch? Are they explaining things to each other? Are they able to take the time and effort to work together for a coordinated effort?

#5. Compromise. Are the partners willing to compromise on some points and focus on the most valuable? Do they know that in a partnership, they are not going to get everything they want? Are they willing to give up some of the control?

#6. Understanding. Do the partners understand each other? Do they trust each other? Do they understand that partners will do things differently and still get to their common goals?

What has been your experience with forming a partnership? What do you think has made them successful? What do you think has added to the challenges? Add your thoughts to the comments below.

Make sure you download our free checklist to assess your business.

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Matteo Canessa.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

 

 

 

 

Speaker Selfies? Unprofessional?

Posted on: January 15th, 2018 by R. Shawn McBride No Comments

Speakers often like to get photos taken at events.  And attendees often ask to take a picture with them and post that to social media.

But is it too informal?  Perhaps unprofessional?

The question has been raised.  Tweeting Goddess, Samantha Kelly, explored that very issue in a recent article.

My personal take on it is speakers should be engaging with audiences in a way that make sense to the audience.  It’s all about service! If audience members get value from capturing the moment with the speaker I say go for it!

(There is a speaker selfie with fellow speaker Sandra K. Samuel)

Speakers are people.  We often have highly refined messages from years of hard work and expertise. But, in my opinion, it’s our job to break down the wall and get more people to take in that expertise and use it.

We have gifts.  We have to share them.

Sometimes you’ll see me in an usual outfit – as a way to express to the audience that they should Do Business Differently(TM). It’s not about me.  It’s about them!

Let me know your thoughts!

Your friend,

Shawn

Business Partnerships and Negotiations

Posted on: January 13th, 2018 by R. Shawn McBride No Comments

Last year, I had the honor to speak at the Texas Society of Certified Public Accountants’ Young and Emerging Professionals Conference in Austin.  As always when speaking, I got some good feedback from the audience. While discussing business partnerships and negotiations, I learned that many of the CPAs in the room had experience with faulty corporate and LLC documents. Most of them were not willing to do them as part of their firm’s practice.

Several people said that they had done valuations, so some of the partnership issues we talked about, including planning for the death of a partner, disability, divorce, and disagreement, touched heavily on the valuation area. Regardless of what caused or how one of these events happened, there would be valuation issues involved. Our discussion included allocations of profits and losses, how the provisions would work together and affect the accounting for the business partnerships.

What types of issues are you seeing with business partnerships? What accounting issues come up because of partnerships? How can you make your business partnerships work better? Please comment below.

 

Make sure you download our free checklist to assess your business.

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Alvaro Prieto.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

 

 

 

 

State and Local Taxes: Will You Have More Compliance Soon?

Posted on: January 13th, 2018 by R. Shawn McBride No Comments
State and Local Taxes: The US Supreme Court will hear a case later this year on the collection of taxes by out of state businesses.
 
Speculation is they may overturn the Quill case which is the one that required presence in the state in order to require the seller to collect tax. This is in line with the increasing attempts by states to ask for sellers to pay/collect tax in more and more situations.
 
Bottom line is the issue remains a mess, particularly for small businesses who may sell a small dollar amount per state but be subject to the rule anyway.
 
Keep up with your accountant.
 
Here’s a summary of the proceedings in the US Supreme Court. You’ll see a lot of heavy hitters are lining up to take positions each way.
 
http://www.scotusblog.com/case-files/cases/south-dakota-v-wayfair-inc/