You better believe talk is cheap. It’s a lot cheaper than paying a lawyer or having your partnership fall apart.
Never prepare for negotiations by thinking about what you want first. Start by thinking about all the possible things that would constitute a payoff to your partner.
Two people show up in court fighting over the proceeds from the recent cash sale of their small business. Let’s call them Bob and Alice. There is no Partnership Agreement.
Daily I see overconfidence in business. I see too much faith placed in forecasts. I see big bets placed on anticipated market growth. I see investment in businesses that are near bankruptcy. I see these things because people tend toward certainty. They start with a belief and then look for all evidence supporting that belief while ignoring anything that contradicts that belief.
Most managers either dismiss work fun as unimportant or think having fun will detract from professionalism. They are wrong!