Here are more things you need to know if you are opening buyout talks with your business partner.
If your business partner ever is violent, call 911 immediately. Yes, even if he missed. You want to document threats of or actual violence.
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!
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.
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.
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.