Private Money Partnering

Maintaining The Private Money Project Relationship

Chapter M. Protect Yourself And The Deal

Communication Components
Ten Commandments For Building Effective Partner Relationships

Cooperation

Do you have to like everything that your partner does? Well, do you like everything your spouse does? Or your significant other? You've learned how to get along. It's the getting along that matters. You got to figure what the needed mechanism of communication is between the parties in order to make it work. This probably should be worked out in advance in your partnership
agreement. You need to understand yourself and your style, and what is your partner's style, and how can the two mesh to get the project accomplished.

Congeniality

Somebody might worry about a partnership in which the two partners are too congenial. No, after you Alphonse, no after you Gaston, etc. Is there any such thing as too congenial? Only if you don't get any thing done and there's no decision making. Nobody's in charge, or a partner is afraid of taking charge because he or she is afraid of offending the other partner.

Appreciation

Never fail to tell your partner how much you appreciate them being there.

Problem Solving Attitude

Successful communication depends on the willingness to admit mistakes, if we made them, and manage the egos involved in a partnership. It's always better if we can anticipate the problems
before they happen, thereby preventing them. But what if they occur, and it was your responsibility? Do you have a back-up course of action? Can you approach your partner with the problem for ideas and suggestions? The partner may have a valid concern, but the question for all parties is, "What can we do to solve the problem?"

Here are Scott and Billie dealing with some unpleasant news.

SCOTT: Hi, Billie. We're heavily into the renovation and we found that there's some structural problems that are probably going to add $10,000 to the renovation of the house itself. It's termites. The carpenter said that at most of the floor system has to come out, including the band around the house that sits on the foundation. Basically, we're going to have to lift the house up in order to accomplish this and they said it's a minimum of $10,000. This is an oversight. It was hidden damage.

BILLIE: Yeah, that's what I was going to ask. How come this wasn't discovered in the initial inspection?

5COTT: It was hidden damage. We didn't find out about it until we got into taking sheet rock out.

BILLIE: Well, shouldn't the inspector be liable for missing that? That's pretty extensive damage.

SCOTT: I thought of that too. Unfortunately, the inspectors in Georgia aren't responsible for anything. They're not a licensed entity or anything. They just look at things, I guess.

BILLIE: So what are we talking about here?

Maintaining Private Money Project Relationship- Chapter M