Comments on: How To Build Strong Business Partnerships http://donna-mariecoggins.com/how-to-build-strong-business-partnerships/ Keeping Small Business Simple... Wed, 28 Mar 2012 13:49:41 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Nerida Gill http://donna-mariecoggins.com/how-to-build-strong-business-partnerships/comment-page-1/#comment-2129 Nerida Gill Tue, 09 Jun 2009 23:38:31 +0000 http://donna-mariecoggins.com/?p=733#comment-2129 I was looking at a partnership with a friend and we were advised the legal docs would cost $8,000 to prepare by a law firm who were specialists in that area. A lawyer friend said that unless we were willing to litigate if the worst happens, we would be better off spending the $8,000 drinking beer together to build the relationship and extend the communication. :-) Most of the work is in communicating with one another to draft some "rules" so everyone is on the same page. You would be hard pressed to think of every scenario that could occur, so communication and a common understanding is really important. I was looking at a partnership with a friend and we were advised the legal docs would cost $8,000 to prepare by a law firm who were specialists in that area. A lawyer friend said that unless we were willing to litigate if the worst happens, we would be better off spending the $8,000 drinking beer together to build the relationship and extend the communication. :-)
Most of the work is in communicating with one another to draft some “rules” so everyone is on the same page. You would be hard pressed to think of every scenario that could occur, so communication and a common understanding is really important.

]]> By: Donna-Marie http://donna-mariecoggins.com/how-to-build-strong-business-partnerships/comment-page-1/#comment-2128 Donna-Marie Tue, 09 Jun 2009 21:41:00 +0000 http://donna-mariecoggins.com/?p=733#comment-2128 Absolutely... having your agreement drafted first can save a lot of time (and money) with a solicitor. Absolutely… having your agreement drafted first can save a lot of time (and money) with a solicitor.

]]> By: Donna-Marie http://donna-mariecoggins.com/how-to-build-strong-business-partnerships/comment-page-1/#comment-2127 Donna-Marie Tue, 09 Jun 2009 21:39:44 +0000 http://donna-mariecoggins.com/?p=733#comment-2127 That's a really good analogy Ingrid. You tend to think you don't need any sort of agreement when things are all rosy, but if things turn sour, it's much more difficult to sort out the agreement. That’s a really good analogy Ingrid. You tend to think you don’t need any sort of agreement when things are all rosy, but if things turn sour, it’s much more difficult to sort out the agreement.

]]> By: Pink Heels http://donna-mariecoggins.com/how-to-build-strong-business-partnerships/comment-page-1/#comment-2126 Pink Heels Sun, 07 Jun 2009 15:33:56 +0000 http://donna-mariecoggins.com/?p=733#comment-2126 This is great information. Drafting the key points of a partnership agreement in advance can help to save money when you are paying an attorney by the hour to create the official document. This is great information. Drafting the key points of a partnership agreement in advance can help to save money when you are paying an attorney by the hour to create the official document.

]]> By: Ingrid Cliff http://donna-mariecoggins.com/how-to-build-strong-business-partnerships/comment-page-1/#comment-2125 Ingrid Cliff Sun, 07 Jun 2009 10:45:14 +0000 http://donna-mariecoggins.com/?p=733#comment-2125 Business partnerships are just like heading into a marriage. The things that build a strong marriage relationship build a strong partnership. You need a clear understanding of boundaries and the willingness to talk "stuff" through as it arises. But unlike a marriage the rules of who get what are not quite as clear-cut in the case of a business divorce. I agree - seek legal advice before the first dollar is co-created in order to reduce hassles down the track. Business partnerships are just like heading into a marriage. The things that build a strong marriage relationship build a strong partnership. You need a clear understanding of boundaries and the willingness to talk “stuff” through as it arises.

But unlike a marriage the rules of who get what are not quite as clear-cut in the case of a business divorce. I agree – seek legal advice before the first dollar is co-created in order to reduce hassles down the track.

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