This can be a tricky question for any type of business partner: father, brother, spouse, friend or used-to-be friend.
The key is getting through the first level of resistance and finding the authentic reason your partner is resisting. What he is saying is likely not the real issue.
Here are the most common root issues:
One, your business partner (father, brother, friend, sibling) is afraid of losing control.
For small business owners, control is, almost always, a colossal issue. After all, why do we open or start businesses in the first place—we want to be in control; we want to be the one calling the shots, right?
Bringing in outsiders always presents a risk perception about control. Think about these questions:
- Can an Outside Board take away my role as president of the company?
- Can an Outside Board take away my business altogether?
- What if the Outside Board wants me to make changes that I absolutely disagree with doing?
- What if the Outside Board likes my partner better than me and end up giving him more street cred than me?
These fears are real and hard to unwind because chances are your business partner would never admit to any of those feelings for obvious reasons.
If you are convinced that an Outside Board will help your company (and I am here to tell you that it will!), then your job is to present it in such a way to help your business partner get over these fears. I suggest being sensitive and approaching the topic delicately rather than abruptly. Give it time to settle in before you push too hard.
Fear is usually something that a person must overcome gradually. Start slowly but be relentless—I like the term, gently relentless.
Outside Boards, when done right, will become the business owner’s biggest supporter—this ain’t no easy thing and Board Members with experience in the trenches know that!
Two, the only thing worse than losing control might be losing face!
This again points to that feeling “What if I am not good enough or not as good as my partner.” Your business partner will very likely be worried about an Outside Board making him look foolish.
Showing the underbelly of your business is terrifying. We all recognize the weaknesses of our respective businesses in some degree. (We all know they exist but usually, because we are so busy running the day-to-day operations of the enterprise, we rarely have time to give attention to the things we know require fixing).
The right Outside Board members will be intimately aware of this frustration—most of them have carried the exact same issues with them for years.
The great news is, however, that having an Outside Board can give you the tad extra bit of motivation required to get some of the things that need fixing fixed!
Outside Boards should be considered as a resource to help you and your partners—not judge you.
Usually, the toughest judge we face is the one we look at in the mirror—we are our own toughest critics! Often, we are too hard on ourselves. Having an Outside Board will provide an emotional lift and even help you feel better about yourself.
Three, we don’t have enough time.
I hear this one so often. When will we make time to find these people? When will we have time to meet with these people and probably most often felt, but unsaid, how will I have time to get ready (be prepared) to meet with an Outside Board.
Those feelings of time constraints are frustratingly real. Your days are packed, and your resources are thin—particularly your emotional resources. Having to get yourself prepped physically and emotionally seems like a daunting challenge, particularly when you are meeting with a group of outsiders and you will be wanting to put your best foot forward.
Here again, the pros far outweigh the cons. Business partners must make a commitment to jumping on this train even when it feels like it is going one hundred miles per an hour with no signs of stopping.
Family Business Pointe offers training on how to make an Outside Board a reality. It is much easier than people think. The hardest part, really, is just getting started.
Time management, at its most fundamental level, is about doing the most important things first and staying focused (avoiding small distractions). Of all the things you might be able to control as a small business owner, assembling and effective Outside Board that meets regularly could be in your top five—maybe even top three.
We all have the same twenty four hours each day—find the time to get this done!
Finally, number four, I am worried it is going to cost us a fortune!
This is a big worry for many business partners—resources are always thin, particularly if your company is struggling to make money.
Unarguably, some Outside Board members can be expensive, but many, many of them are simply not!
Let me repeat, most Outside Board members can be retained for very little money, or even no money.
The truth is, in my opinion, you will want to pay them something. They will provide you so much value that your conscience will eat you alive if you don’t give them some compensation. If you are a very small business, consider giving Outside Board members a hundred dollars per meeting? If you can afford more and have a little bit bigger business, the amount could be greater.
I have done board gigs for as little as $200.00 per meeting…some much more. It depends but the cost is far less than one usually thinks.
Remember, people who have success and experience very often want to give back. They want to help others be successful. You will be the same. The day will eventually come when somebody asks you to participate on an Outside Board. I will guarantee that will feel like an honor and when you really see what you are contributing you will feel amazing knowing that you are serving and blessing somebody else like it was done for you.
There are other issue but these four seem most prevalent.
Business partners come in many shapes and formants: family members, siblings, generational relationships, friends—all these relationships have one thing in common. Your partnership started because you found mutual benefit being together.
Go back to that place in your relationship—before everything got mucked up by the business. Go back to the start of the business when your feelings where fresh with enthusiasm and excitement. At that point, your partnership was still very open to conversation and listening.
Take your business partner back with you on that journey—remind him how things started. This is a chance to start afresh. If you are sincere in your attempt to communicate and ready to address some of the issues above, I feel confident that you can move this idea forward.
It will be the best decision and action item your company could ever do.