Proven Business Relationship Agreement
Last 5 Agreements – Part 4
You made it! Here are the final five business relationship agreements in the 4 Part Series (twenty total business agreements) for creating profitable partnerships. You can read Proven Business Relationship Agreement – Part 1 if you haven’t already done so to get you started right. Proven Business Relationship Agreement – Part 3 was my last post and I’m glad to receive e-mails from some of you with the distinctions you’ve learned. Keep the feedback coming. I like to know what is working for you.
Here’s agreements 16 – 20 for your complete Business Relationship Agreement to use in your current and future partnerships! Enjoy…
16. Prepare for the worst – expect the best
___ We have talked about the worst thing that could happen in the business relationship.
___ We have a plan for a buy-out (exit) clause, or a clause on how to handle the dissolution of the business, including who keeps the rights to the idea of the business and how the assets are divided?
___ We have thought of every possible scenario including how to define “successful performance” and how to quantify or measure the results we expect. (We know that not doing this could cost us not only the partnership but also the business!)
___ We have made contingency plans that will keep our business operating, should unforeseen events in either partner’s life come up.
___We have an agreement that covers any contingency should one of the partners become involved in any immoral or illegal activity.
___We agree that if so, they automatically default their partnership to the other person.
18. Legal Advice
___ We have identified a conflict resolution-oriented attorney to review our agreements and discuss it as a group.
___ We have included arbitration clauses, so that any disagreement does not have to end up in court.
___ We have agreed to work toward a resolution, rather than get involved in a lawsuit.
___ We have worked through and made clear agreements and have created our own version of the Rules of the Game to apply to the business partnership.
19. Financial Advice
___ We agree to meet at least annually to review our business with a professional tax accountant.
___ We will look into our best plan for wills, living trusts, and estate planning.
20. CELEBRATE! –
___ And finally, we will celebrate our wins together – little ones and big ones – on a regular basis. We know that one of the values of having partners is that we have someone with whom to celebrate our wins! And we look forward to having our business become more and more profitable so that our biggest problems become figuring out how to handle and leverage our money!
Signed this date: ___________________________
You can print these agreements and DO USE THEM! I want you to have fulfilling, profitable and fun businesses that make a difference in the world. As another tool to use in growing your business, make sure you pick up Your Personal Entrepreneurial Strategy – and continue your journey of success.
With loving thoughts,
CEO, Excellerated Business Schools® and the Money & You® Program