Whether you have a partner or not, you need to nail down a lot of parts of the business. Operations, Roles, Funding, Debt Paydown, etc. Spencer and I created our own Partnership Agreement to make sure we are on the same page and vision of our business.
- VISION / Primary Goal of Business – 6 months, 6 years, etc.
- Time Commitment Expectations
- Debt Pay Down
- Equity
- Roles / Responsibilities
- Disagreements
- Partner Buyouts – Predetermined multiples
- Outside Investors
- Death / Disability – Insurance
- Capital Contributions
- Business Failure