Things to Know About Partnership Buyouts— Part 2
Here are more things you need to know if you are opening buyout talks with your business partner.
Violence By a Business Partner Is Never OK
If your business partner ever is violent, call 911 immediately. Yes, even if he missed. You want to document threats of or actual violence.
Discuss, Agree, and Document How Partners Will Be Paid
This might surprise you. Compensation does not have to be equal in a 50-50 partnership. You can, in fact, do anything you want as long as it’s agreeable with your partner or partners. Read on!
In Mediation Use Sense and Don’t Fight Over Cents
When business partnerships go bad, very often someone wants out. That starts one of two possible processes. The business enters Wind Down and begins the process of closing or the partners start discussing a Buyout.
Relatives Should Never Keep the Books in a Business Partnership
Even when people get along well, having one partner’s relative handling the books just isn’t good policy. There is an inherent conflict of interest.
What Should Be Included in Your Partnership Agreement
There are many things to cover in a solid Partnership Agreement. In this video, I’ll explain the items that need to be covered. You may have other items to include as well. Keep in mind that there are many ways to address each clause. My job is to offer you options and to help partners agree on how they want to address every line item.