Episode 11: How Do You Go into Business with a Friend or a Partner
Today on the Real Money Talks podcast, I want to talk about how to go into business with a friend or partner. Many entrepreneurs often come to a point in their business when they start to consider working with a friend, but often, it can be way more complicated and emotional than entering business with a partner.
There are many things you should consider before jumping into a joint venture or partnership with someone – especially with a friend. So, today, I want to give you some food for thought on this to prepare you for the things that can happen and teach you how to go into a joint venture and sustain a healthy relationship with your team.
The best thinking is done in the beginning.
In This Episode of Real Money Talks:
- What you should consider before entering a joint venture partnership.
- How to maintain a healthy relationship with your partners.
- Considering the goals, outcomes, and duration of the deal.
- Choosing the right people on your team.
- Creating an exit strategy – before the deal is done.
- Who should be on the team?
- What are their roles?
- How will they be compensated?
- What do you think is fair from where you sit?
- How do you operationalize the deal and what is the operating agreement?
- How will you divorce the business?
- Why you should have your own legal team.
Things to Consider Before Entering a Partnership:
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