A good business partner, amongst other things, is your partner in planning.
Specifically, they help you plan for better or for worse. The same should be said for approaching your business’ future, and the requirement of honest discussions between business partners. Of course, these conversations should mainly note the positive aspects of your business, however, it is wise not to avoid possible pitfalls. Below is an excellent quote from a successful bar operator.
ON DRAWING UP A CONTRACT
“We’ve learned how to have really difficult conversations upfront so we don't have very difficult years of business together. We’re now at a place where I sit with the people I’m closest to in my life in my lawyer’s office and ask the lawyer to draft a contract as if we’ll [ ] hate each other in five years, and that's the way we do business now. We can laugh about it, and it's uncomfortable for a few minutes, but everyone is protected and feels comfortable, and we sign it and file it away, and we never look at it again. It took me years to figure that out.” - Susan Fedroff, Bar Operator, Meehan’s Bartender Manual.
If you are considering going into business with someone, it might be time to have an honest conversation, and planning for some of those “what-if” scenarios. After all, relationships, be they business or not, run smooth when external factors are going great. But it is when things get difficult, where you and your business partner’s relationship is tested. For help navigating these conversations, contact one of our Sioux City lawyers, Sioux Falls lawyers, or Omaha lawyers. If you would like to read more content like this, visit our Deal Maker blog today!