What to Think About When Going Into Business With a Partner

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Northwestern Mutual: Going into business presents a whole set of challenges, and going into business with a partner brings different questions and details to figure out. Here are seven items to consider before going into business with a partner: 

1. Values: Values are the foundation of any business partnership just like any relationship in life. "Shared values are vital, even before working on your vision," says Clay Cooper, CFP® at Clearview Financial Partners, an affiliate of Northwestern Mutual. "They guide decision-making, communication, and overall business strategy. Without mutual values, conflicts and misunderstandings can arise, leading to a breakdown in the partnership. Shared values create trust and can make conflict resolution much easier." 

2. Goals & Objectives: "To get where you want to go, you need to know where you are heading," says Cooper. That's why you've got to have crystal-clear goals and objectives that spell out exactly what you're trying to achieve and how you're going to get there. At times, the team needs this even more than the partners need this. Things might change along the way, but having a solid business plan from the get-go is key to staying motivated and focused, and ultimately achieving your shared vision. 

3. Communication: Taking the time to communicate openly and honestly is key when entering a business partnership. "Too often, I see people having easy conversations that lead to difficult relationships, instead of having difficult conversations that lead to easy relationships. It's important to address challenging issues head-on, even if it's uncomfortable, to build stronger and more meaningful connections," says Cooper. Partners should ensure that they are clear about what they need from each other to give the business the best possible chance. It can be helpful to discuss differences in communication styles and set expectations from the beginning. 

4. Conflict Resolution: Similar to communication, having a plan for resolving conflicts or disagreements when they arise is essential for any business partnership. Early on, develop a process for talking through issues constructively and know when to consult an objective third party. "We hold a standing meeting every Monday to discuss both the challenges and opportunities that arise in our business. Over time, this practice has become ingrained in our company culture, and we've developed a habit of addressing conflicts head-on, with the goal of finding effective solutions and continuously improving. Just like anything, the more you do it the easier it gets," says Cooper.  

5. Finances: "Money is an emotional magnifier," says Cooper. Partners will want to understand who is providing what financial resources and how they'll split the profits. Partners may also want to discuss life insurance options to protect the business should one of the partners die prematurely. If the budget allows, it may be worth considering permanent life insurance policies like whole life insurance. Whole life insurance comes with a cash value component that grows over time. Business owners can borrow against the cash value for any reason, including to cover an unexpected cost or finance an opportunity.  

6. Define Roles, Documentation & Formalization: Establish roles and responsibilities early on, so that everyone knows who is responsible for what tasks in the partnership. "If you and your partner have identical roles and strengths, this could be a sign this is not the right partner for you," Cooper says. "You want the sum of the parts to be greater than the whole." It is also important to have everything appropriately documented to protect all parties involved and divide ownership formally. Business partners may want to consult a lawyer before starting the business. "A formal written agreement should be table stakes for any partnership," says Cooper. "Handshake agreements very rarely work out well in the end." 

7. Exit Strategies: All businesses come to an end with one of the four D's: Departure, divorce, disability, or death. Business partners will want to discuss an exit strategy in case one partner decides to leave the venture for any reason. Setting money aside can help with a planned departure or sudden divorce. Life or disability insurance can be an important part of this strategy if there is an unplanned health event - "which no health events are planned," notes Cooper. It may be helpful to talk to a lawyer and a financial advisor to help develop an agreement outlining how things will be handled if this happens. Discuss with your advisor how whole life insurance can also act as a tool to buy out your partner, acting like a Swiss Army knife for the business and partnerships.  

The bottom line 

These are just some considerations when going into business with a partner. Taking the time to think through each of these points can help ensure that both parties are on the same page and give the business the best possible chance.  

The primary purpose of permanent life insurance is to provide a death benefit. Using permanent life insurance accumulated value to supplement retirement income will reduce the death benefit and may affect other aspects of the policy. 

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.  

About Northwestern Mutual

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Through a holistic planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help clients plan for what's most important.

Contact Information:
Don Klein
Assistant Director - Field & National Grassroots Public Relations

Original Source: What to Think About When Going Into Business With a Partner

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- ARuVR® awarded 'Accredited Learning Technologies' provider status for its enterprise-grade Extended Reality (XR) training platform - LPI recognises ARuVR® as forerunner in rapidly growing XR industry

ARuVR®, a multi-award-winning end-to-end Extended Reality (XR) training platform for enterprises, today announced that it has been awarded the status of Accredited Learning Technologies Provider by the LPI (Learning and Performance Institute), the leading global authority on workplace learning and development.

ARuVR® counts Coca-Cola, BT, Royal Air Force, Five Guys, ScotRail, NEOM, Amazon, and PWC among a rapidly growing international customer base and is the first and only XR provider on both the UK Government's CCS digital outcomes and specialists framework, and Crown G-Cloud-approved supplier lists. ARuVR® enables organisations to quickly and easily leverage the location-agnostic convenience and results-driven benefits of XR (Virtual and Augmented Reality) all from a single platform, to create and deliver immersive training programmes. 

ARuVR®'s LPI Accredited Learning Technologies Provider status recognises the company's dedication to high quality and process improvement in providing learning, development, and training services to clients. This accreditation covers the Extended, Augmented and Virtual Reality products and professional services supplied by ARuVR® to their clients on a worldwide basis. ARuVR® followed a rigorous and in-depth process and was assessed on several key performance indicators, including business integrity, client value proposition, delivery capability, quality and performance management, people development, and business stability. ARuVR®'s overall KPI score was near an outstanding 100% across all sections.

Edmund Monk, CEO of the LPI, said: "We have extremely high standards for accreditation, and we are proud to commend ARuVR on their achievement. We work with our accredited organisations to ensure that they not only meet our standards but that they continue to improve. This way, organisations can be confident that they are working with the best." 

The LPI is the foremost accreditation and membership body for the learning and development profession with a global reputation. The accreditation process employs a highly robust framework, developed over many years by learning experts and validated by data from thousands of organisations to measure, benchmark and improve the capability and performance of learning professionals and learning providers.

Frank Furnari, CEO & Founder, ARuVR®, said: "As the market for XR training solutions grows exponentially, we are delighted to be the first in the sector to achieve accreditation status by the LPI. We are committed to providing our global clients with not only the highest levels of quality and service but also to bring AR and VR to the training industry, in a way in which any organisation can embrace and benefit from."

Contact Information:
Andrew Durkin
0044 7887998407

Original Source: ARuVR Becomes First XR Platform to Be Awarded 'Accredited' Provider Status by LPI

Keen’s Buildings Extends Partnership With RJ Hampshire for the 2023 Pro Motocross Season

"RJ is an incredibly talented rider, and we have no doubt that he has what it takes to bring home the championship this year," Keen stated.

Keen’s Buildings Extends Partnership With RJ Hampshire for the 2023 Pro Motocross Season
RJ Hampshire #24

RJ Hampshire, Kicking off the 2023 Pro Motocross Championship Season with Keens Buildings and the Rockstar Energy Husqvarna Factory Racing Team

Keen's Buildings, a leading provider of high-quality storage solutions, is thrilled to announce the extension of their partnership with RJ Hampshire #24 for the upcoming 2023 Pro Motocross Championship season. RJ Hampshire, an accomplished rider representing the Rockstar Energy Husqvarna Factory Racing Team, has proven to be an outstanding brand ambassador for Keen's Buildings.

Kevin Keen, CEO of Keen's Buildings, expressed his excitement about the continued collaboration with RJ Hampshire. "We are excited to extend our partnership with RJ for the 2023 Pro Motocross season," said Keen. "RJ has been an incredible asset to our brand, and we are confident in his abilities to excel on the track."

As a prominent figure in the motocross industry, RJ Hampshire has showcased immense talent, determination, and sportsmanship throughout his career. His achievements on the track and his dedication to his craft align perfectly with Keen's Buildings' values and commitment to excellence.

The partnership between Keen's Buildings and RJ Hampshire has proven to be mutually beneficial. It not only highlights the shared passion for motorsports but also underscores the importance of quality, durability, and reliability - qualities that both Keen's Buildings and RJ Hampshire embody.

With the 2023 Pro Motocross season on the horizon, Keen's Buildings and RJ Hampshire are eager to pursue their shared goal of championship success. Kevin Keen has expressed his confidence in RJ's abilities and believes that "RJ is an incredibly talented rider, and we have no doubt that he has what it takes to bring home the championship this year," Keen stated.

The 2023 Pro Motocross Championship, Race Schedule kicks off tomorrow, May 27, 2003, at the Fox Raceway in Pala, CA.

The extended partnership between Keen's Buildings and RJ Hampshire signifies the continued commitment to excellence and the shared vision of pushing boundaries and achieving greatness in the world of motocross.

About Keen's Buildings:

Keen's Buildings is a trusted provider of high-quality storage sheds, metal garages, carports and steel buildings, offering customized solutions to meet diverse storage needs. With over 75,000 installs and an unwavering commitment to craftsmanship, durability, and customer satisfaction, Keen's Buildings has established itself as a leading name in the industry.

About RJ Hampshire:

RJ Hampshire, representing the Rockstar Energy Husqvarna Factory Racing Team, is a highly talented and respected motocross athlete. With an impressive track record and a relentless drive for success, RJ has established himself as a prominent figure in the sport.

Contact Information:
Craig Heineman
(386) 364-7995

Original Source: Keen's Buildings Extends Partnership With RJ Hampshire for the 2023 Pro Motocross Season
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