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Tip of the Week – Business Partnership Checklist

Tip/Offer of the Week

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Create a partnership checklist. This checklist should include the objectives of the partnership, how the partnership will work, what tasks and responsibilities each partner will have, what partnership issues should be reviewed annually. Make the checklist comprehensive. This is the basis for your written and legal business partnership agreement as well as a resource for amicably dissolving a partnership.

 

Dissolving a business partnership

Having a partnership agreement that is properly drafted and vetted by a trained legal professional is critical for a healthy business relationship. It is not a magic bullet that does away with disagreements and other issues. But, it serves as a solid foundation on how you will work together, the objectives and perhaps most importantly how you will exit.

Worksheet of the Week

The partnership checklist

The Big Picture Question

Did you and your partner(s) hammer out your common objectives for your partnership? If you are in a current partnership – do you review and revise your partnership agreements annually? Have your partnership dynamics changed over time?

 Terms/Concepts

Business Partnership, Partnership Agreement, Partnership Checklist, Buy-Sell Agreement, Dissolving a Partnership

 

 


 

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About the Host

Joel Goobich is a big-picture guy with sharp insight into how individual parts make a strong whole. He has 30+ years of entrepreneurial endeavors; starting, building and exiting businesses. He is tireless in the pursuit of solutions to boost your business and put you on a track to a profitable transition and exit to your next act.