BUILD. NOT BILLED.
BUI LDING BLOCKS
This Summer, Light a Fire Under Your Business — THE RIGHT WAY T HE HEAT I S ON
I love Summer. The weather is great, my backyard looks amazing thanks to the efforts of my incredible spouse, and I get to relax and watch my kids play. Living on Long Island during the Summer is magical. We have everything a short drive away — from the beach to the backyard barbecue to the vineyards to great cultural events. It’s hard to have a bad day during the Summer.
I’m talking about partnerships between old friends, old colleagues, family members, as well as with people you’ve recently met. Business partnerships can get hot when the partners are on different pages. You might have differing opinions on marketing initiatives, expense control, or ideal clientele. You may have trouble communicating thoughts or concerns to one another. Even the smallest disagreements (what kind of coffee should we have in the break room?) can flare up into a business-destroying fire of fury. There is one thing I’ve found that can help business partners avoid this heat later on in the relationship. Think of it like this: When you go to the beach, you slather on the sunscreen. You don’t want to get burned, so you have a plan. Well, the same applies to the business. This is why we help our clients put together an “exit plan” when we help form a business, and when we engage a new business as a client. It’s part of our basic package. We know that many of these partnerships will turn to ash with the snap of a finger, so we want to set them up right, just like we put on sunscreen before hitting the beach. When you’re protected, you’ll feel much better later on. We’ve seen what happens when people didn’t have an exit plan. The situation can escalate to the point where each partner is coming to the table taking extreme positions in the negotiations. One person wants everything and the other person wants everything. When that happens, the end compromise is something neither party wanted. And often the business is destroyed. No one wins in the end.
Here at the firm, things have been going well as we shift into Summer. The firm is growing, as I shared last month, with our new Marketing Director and two Summer Associates, and more good news is coming next month. Along with these three wonderful people, we’ve had many new clients join the Love Law Firm family. I’m grateful to everyone who has entrusted us with their legal matters, from our longstanding clients to our newest! I spend a lot of time thinking about the growth of our clients’ businesses and those of the members of the Long Island Business Forum, which I lead. Together, the membership of the LIBF vowed that this Summer will be the hottest summer ever in our businesses. The question is, how do you get it hot and keep it hot? How do you sustain healthy growth? There’s no big secret to it. We’ve said it time and time again: The key to your business burning brightly is relationships. You must consider the best interests of your clients. You have to reach out to them and let them know you’re thinking about them. This newsletter features articles about two of my friends, Jerry Rotando and Dr. Esther Jimenez, who are running hot businesses. They share their insights. I’d like to change gears, though, and share that another way business can heat up — and not in a good way — is when tempers flare. When it comes to business partnerships, a lot of people set themselves up for disaster down the road. Nearly 80 percent of business partnerships fail, and 50 percent of those failures happen within the first 2–3 years of that partnership.
This Summer, turn up the heat in the right way. Build up those all-powerful relationships and protect your business before things go wrong. You want your business to be hot, but you certainly don’t want to get burned.
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