Business partnerships are built on trust, years of collaborative decision-making and, often, an initial foundation of friendship. So, when a rift forms, or simply when partners’ goals diverge, the end of a partnership can be challenging to navigate, both personally and professionally.
The personal lives of the Founders evolve as a firm advances. And the professional lives of the Founders morph as a firm matures. How can partners stay in harmony with themselves, and with each other, along the entrepreneurial journey? This session shares how partners work well together and use a tool called The Commitment Letter.
Here’s an overview of the different types of business entities and their pros and cons.
In professional service firms, the difference between partners and employees is often illustrated in their degree of “Skin in the Game,” as coined by Nassim Nicholas Taleb.
There are many ways to split up a partnership. And the equity split needs to evolve over time. On this episode, Kelsey Raymond, Co-Founder & Chief Executive Officer at Influence & Co., shares how she successfully replicated herself by developing a key employee into her COO, so she can run the business on her own terms.
