Jack Mencini and Adam Sonnhalter, coaches with Maximum Value Partners (MVP) www.maximumvp.com know that small business owners are faced with numerous questions and challenges day in and day out. With over 15 years of coaching business owners (and having owned many small businesses themselves), Jack and Adam have heard all the stories and questions that plague the hard working owner.
Nearly all of these dilemmas and questions start with HOW? Such as: How can I make more profit? How much can I charge for my products or services? Many of these HOW questions repeat throughout the course of a business and MVP has heard them all!
On Dirty Secrets of Small Business in this week’s program, the HOW question they tackle is “How do I know when it is time to split with my business partner?” Through this segment, the hosts, Jack and Adam dissect this question, which was emailed to them from a business owner in Willoughby, OH.
To really get to the core solution, the coaches discuss how the situation may differ and how to strategically handle it depending on if the business partners are husband and wife, brother and sister (or any sibling partnership), another family relative like a cousin or distant relative or even a very good friend. Each dynamic will play out a little differently because with family issues, you need to concentrate on the deeper relationships such as saving the marriage and then saving the business.
In this week’s discussion, Jack and Adam also give insight on how it may be daunting for the retiring owner to hand the leadership of the company over to the kids. It is not usually that tidy in the passing of the baton if you haven’t thought all the ramifications and land mines through before taking the leap and throwing the keys to the new young leaders.
Many times a good course of action takes years and not weeks to have a successful and less stressful transition from the person who has built his or her whole life around the business and then is seeing (perhaps) a different leadership style (which is not wildly accepted) from the kids. All of the trauma and stress can be minimized if you turn to coaches like Jack and Adam who have navigated these treacherous waters with numerous small business owners for great outcomes.
For the entire overview on how to know when it is time to split with your business partner, listen to the January 16th podcast. Access all the Dirty Secrets of Small Business podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to firstname.lastname@example.org or submit a question on their web site at http://maximumvp.com/how/. Many of the How Questions can also filter back into the 7 Keys to Success to help you deal with these questions http://maximumvp.com/7-keys-to-success/
If you have a success story or a question you would like to share, email or call (email@example.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!