On June 19, I was a guest on the Michael Kitces podcast, "Financial Advisor Success" The whole interview was 90 minutes long, so I am going to publish some bite-size snippets from the transcript. The full podcast and transcript are here: www.kitces.com/77
What is The Partnership Resource?
Michael: So as a starting point, can you just tell us a little bit about your business Partnership Resource and what you do in the advisor world?
Tanya: Sure. So the business is The Partnership Resource. I’m a co-founder, now I’m the sole owner, and we are specifically and solely focused on the business partnership relationship. And although many of my clients are from the RIA world, I work with other businesses as well. And using mostly skills from the conflict resolution world, we help business partners form and maintain exceptional business partnerships. And that can take the form of helping them work through conflicts that they can’t resolve on their own, or when they decide to come together to merge, to work on how that partnership would work out best to help each partner work through what they want to get from the partnership and what they’re going to bring to the partnership. And having all the partners come into alignment with what their goals are and help them have a conversation of what the partnership can be.
Michael: So there’s an element that is, like, working through conflicts if I’m in a partnership and, like, I guess literally it’s not working out and we’re saying, “Jeez, we need some help if this is going to work.” I guess it’s like the partnership equivalent of marriage counseling maybe. And then a separate realm that’s more people who want to form partnerships and they’re just trying to figure out, “How do we do this right? Like, how do we do this in a manner that forms a good partnership and doesn’t make us one of those unfortunate stories and partnerships that broke up?”
Tanya: Right. It all comes from the same body of knowledge and the same body of work, but I guess we split it up into three different categories. There’s the mediation, which is for true conflict situations that people can’t get out of and it’s a more structured process. And then there’s the facilitation, which is more of a forward-looking process that helps people who are coming together for the first time either in a merger or there’s some inflection point in their partnership. Maybe it’s succession. And then there’s also coaching, and that’s just helping people with their conflict skills, or maybe they need help with communication or decision-making.
Michael: Okay. So just, like, I’m a firm leader or owner in general and I would just like some coaching to make sure that I’m communicating well and dealing with conflict situations well essentially.
Tanya: Right. So rather than an entire group of partners coming in, the coaching might be one person comes in and says, “I’m having problems reaching out to my partners. I don’t understand why…they’re not understanding me and I’m not understanding them, how can I better approach the situation?” And a lot of the work that we’ll go through is the same, but it’s kind of adding a little bit of the accountability element to it, checking in with someone every month to ask them, “Oh, how did this interaction go?”
And helping them kind of reflect on if the interaction went poorly what could they have done differently, or giving encouragement when, you know, “This time when my partner…usually I get angry when they don’t give me something that I’ve asked for, and this time, because I know now that we’ve talked about it, I know that sometimes they procrastinate because they’re perfectionist and this time I waited and the result was I did get it and it was great and now I feel like you really released a lot of the pressure from the partnership.” It’s that kind of. That would be the result.