Monday, October 31, 2011
Thinking about it, there are actually 5 really great lessons that Kim and Kris can teach partners in business.
In fact, I think business partnerships are even harder than romantic partnerships because at least romantic partnerships have love as the glue. In business partnerships, money is the glue and when it comes to people's money, Elmer's isn't going to cut it.
After unfortunately selling many companies due to partnership disputes, here are five things business partners can learn from our favorite tabloid friends:
1. Discuss critical issues before becoming business partners.
Kris wanted to build their nest in Minnesota, but Kim said Hollywood or the highway. Didn't they discuss this before he gave her a $2 million dollar engagement ring?
2. Get to know each other (well) before starting your company.
The love birds got engaged after 2 weeks or something ridiculous like that. Entrepreneurs spend more time with their businesses (and business partners) than they do with their life partners. You better know which side of the desk the other one wants to sit on before agreeing to invest your entire future together.
3. Make sure your have a rock solid partnership agreement.
Kim is worth an estimated $35 million, and while Kris is no slacker with $8 million, you can be confident that her pre-nup agreement will ensure how any assets will be dispersed and that Kris will not get one dime of her reality fortune.
4. Spend your resources strategically and slowly.
Kim and Kris blew $10 million on the wedding day alone. If your company has that level of discretionary cash, make sure you have a well-thought out strategic plan and input from experienced advisors before you go on a spending spree!
5. Cut bait quickly.
If the writing is on the wall, it's better to divide the marbles and go home now. Don't wait until the business and your lives become so intertwined that the mo hill becomes a mountain. Often it's the decisions that you don't make that do more harm than the decisions that you do make.
Who knew we could actually learn something from these two?!
What else can we learn from these unlikely business consultants?
Post your thoughts below and I promise not to sell them to People Magazine :)
Wednesday, October 26, 2011
The theme of this piece reflects on my personal philosophy of slow and steady wins the race. I am comfortable admitting that I probably won’t be the first person across the finish line, but I do know without a doubt that I will always finish when others fail because they burned out during the journey.
Jim’s book addresses this concept, but adds something even more powerful that I have to confess I am not very consistent with. That idea is to have both “a floor and a ceiling” for achievement, and never fall below or above your commitment. He calls it “The 20-Mile March”. Here are few key snippets from the story he tells about two explorers on separate quests to reach the South Pole. They both embark at the same time and have the same environmental circumstances to deal with, but at the end of excursion, the 2 explorers had completely different outcomes.
“The 20-Mile March is more than a philosophy. It's about having concrete, clear, intelligent, and rigorously pursued performance mechanisms that keep you on track. The 20-Mile March creates two types of self-imposed discomfort: (1) the discomfort of unwavering commitment to high performance in difficult conditions, and (2) the discomfort of holding back in good conditions.
Twenty-Mile Marching helps turn the odds in your favor for three reasons.
First, it builds confidence in your ability to perform well in adverse circumstances. Confidence comes from actual achievement, accomplishing stringent performance standards year in and year out, no matter the industry conditions. Accomplishing a 20-Mile March, consistently, in good times and bad, builds confidence
Second, 20-Mile Marching reduces the likelihood of catastrophe when you're hit by turbulent disruption.
Third, 20-Mile Marching helps you exert self-control in an out-of-control environment. Most elements of operating a business are beyond our control- financial markets, customers, employees, but if we focus on an achievable goal that all team members can align themselves with we can manage our way to success in spite of all of the chaos around us.”
As I begin my 2012 planning, I am going to make a commitment to the “Weekly Discipline” I will adhere to in order to achieve my floor and ceiling achievement goals. Slow and steady still wins the race, but you have to be clear and consistent about your training. That is the secret sauce to getting to your desired finish line again, and again and again!
Want to become “Great by Choice” too? Comment below and I will send you my Weekly Discipline Worksheet to get you started in the right direction so we can step into the winner’s circle together!
Monday, October 24, 2011
Saturday, October 8, 2011
Had the pleasure of matching up a wonderful business owner (seller) with a wonderful business buyer yesterday. They will work together over the next 3-5 years to help the seller realize much more that her original 7 figure valuation. This economy does not have to hold you hostage! My mission is to teach all of you how to maximize your value IN ANY ECONOMY! xoxo J