Assessment:
One of the key partners called me, heavily concerned with partnership dysfunction that was impeding their financial future and affecting their friendship and ability to work together.
Plan:
It was clear that the key partners and stakeholders in the company had a dysfunctional relationship due to their differing perspectives. The company needed to have an open and honest relationship between the five partners to continue to succeed.
Engage:
It was a highly contentious environment. I worked with all five partners to build trust and to assess their effectiveness and build a plan to their future. I met with each of the partners individually. Confidentially, I assessed their perspective on the team, on each other’s role and contribution, their personal/financial goals and desired outcomes for the firm. Each knew that the information would be rolled up and evaluated as a group.
Execution:
When I met with them, I shared what I had heard, got their perspective and facilitated a difficult process over the next several months resulting in one partner deciding he needed to leave the group, one partner being asked by others to improve or leave the group.
We also established clear roles, a desired culture they wanted for the firm and decision-making authority and roles that they could share with the employee base. I partnered with their assigned CEO and their company attorney to update their partnership agreement, work through the exit, and buyout of one of the partners.