Business partnerships can be a fantastic way to pool resources and knowledge in order to create a successful enterprise. However, even the most well-intentioned partnerships can break down if certain warning signs are ignored. In this post, I will point out the 5 red flags that should never be ignored when you see them in your business partnership and provide you with guidance on how to deal with them.
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.
The 2 reasons creating a Partnership Agreement should be your first step when forming a business partnership. First, the protection a Partnership Agreement affords makes skipping this step rather dumb. Second, the process of working out the terms of your Partnership Agreement will reveal potential problems and help you work them out before they happen in the real world.
If you have fallen out of like with your business partner, you have a lot of very careful negotiating ahead of you.
What if you are already in a 50/50 partnership and things are getting rough? Relax. Your partnership can be fixed.
Most business disputes arise from a lack of documented agreements. Many businesses have no formal partnership agreement. You can avoid a lot of trouble if you have a process and document your agreements. Here’s how…