July 28, 2014
Reproduced from my weekly ezine, LexAppeal: So you’ve decided that a business partnership is for you. And you have the support of your “very silent” partner (that is, your life partner. Now’s the time to make sure that you cover the bases in your partnership agreement. Sorry to say, but business partnerships have an abysmal failure rate. Higher than the national divorce rate, I might add. One of the major failure factors is not having worked out a partnership agreement and put it in writing. The excuses sing like a common refrain: “But it’s expensive!” “We know each other well – why worry?” “Why focus on the demise of the company? We want it to do well!” The process of putting together a partnership agreement is a key component in your business success, for it encourages (forces) you to come to terms with vital operational issues. Here are the 4Ms that any basic partnership (or shareholders’ or operating) agreement should address: Management. Who is responsible for which “departments” in your company? Finance? Marketing? Internal operations?…
Continue ReadingAt some point in their business planning, most entrepreneurs wonder: “How can I protect myself if things go awry?” Even if they have few personal assets, they may want to avoid the possibility of seeing…
Read MoreWHAT THE $%^&!?!” I screamed, as I slammed down the phone receiver. “I HATE THIS!! I CAN’T KEEP DOING THIS CRAP ANYMORE!” Can you say “meltdown”? Yeah, I had one last month. Triggered by technology.…
Read More“Let’s do something together.” I hear it all the time. It’s all the rage, this obsession with networking, social media, and a business offshoot, strategic alliances. When it works, it’s great – more people talking…
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