Jack Mencini and Adam Sonnhalter, the small business coaches from Maximum Value Partners (www.maximumvp.com) get owners unstuck from the state of HOW! (How questions are those questions that perplex small business owners day in and day out.) In this week’s episode of Dirty Secrets of Small Business at 7:30pm (EST) on WINT Radio 1330 AM and 101.5 FM every Wednesday, the cohosts discuss: How do you prompt the break of a long-term relationship? The break up could be with an employee, a customer/client or perhaps a vendor.
They define a long-term relationship as being 5-10 years and as a business owner, you have been through some stuff and had a chance to see how the other party performs. Having been through some stuff with the other party, it can be hard to break the relationship off, even though it is almost always the right thing to do.
“People don’t break off very easily,” said Adam. “In business coaching, every time we break from a customer… even if there is a good reason or bad reason… we tend to feel that there is a little dark cloud over the situation. And, it doesn’t’ feel good, especially in the moment.”
Over the years, they have found that when a bad situation or bad fit between the coaches and their clients surfaces, they know now to break it off right away. “There is always that feeling of discomfort or loss, but it is better to end it as soon as possible,” said Jack.
When it comes to something not working, it is better to cut it off sooner than later “When we had our first client break off, we were caught off guard because we weren’t ready to let them go. But, they were ready to flap their wings and fly on their own,” said Jack.
“They gained knowledge from us and put it to good use,” said Adam. “We took a break for a year and then they came back to us to have as a sounding board and help them look for answers to their ‘How Questions.’ Within a few years they wound up selling their business to a competitor for a nice profit!”
If you do make a break… it might not be forever… just for now. Good partnerships might need to take a rest and it is sad, but it could be that you had a good run. The lesson is that, the coaches did well for the client and they are both successful, but it is time to take a break for a while. This could be true of any of your vendors, customers, or employees as well. As much as many of us would like these relationships to be life-long, the reality is that very few wind up lasting more than a few years at best.
In addition to this topic, Jack and Adam give insights into how much to pay your employees, how to look at salary from an annual perspective or an hourly perspective. Also, how do you know if you have a problem with your employees and if they are trying to blackmail you into getting a higher salary? The business coaches also share a few dirty secrets on how to set selling prices during this episode.
For more info on small business challenges tune into this week’s May 24 podcast on iTunes or http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ or call Jack or Adam for help with your small business challenges at 877-849-0670.
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/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at email@example.com or 877-849-0670.
You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Or call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.