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10 Tips On How To Create A Great Partnership

Posted by Aaron Walker on Jan 13, 2021 9:00:00 AM


I have had about a dozen partnership over the years of me doing business. Don't let people stop your dreams when they tell you that partnerships don't work. That's not true! If they are carefully planned and structured. There has to be an operating agreement!


Here are some tips and things you need to consider so you can create a great partnership.


1. What is the business evaluation formula if we decide to sell? Deposit/length of time/interest rate/etc ( This should be a price that dissuades the partner to sell, not rewards him)
2. What if one partner develops a competing product? Does this negate the partnership? I suggest a length of time for a no non compete.
Who owns the product and platform if you dissolve? What happens if one partner dies?
3. Do I have first right of refusal if the other partner wants out? Will the same evaluation formula be used? Historically, you are penalized when leaving prematurely. This always encourages the partnership to remain in place. It keeps each partner from plotting an early exit. Keeps everyone honest.
4. If a cash influx is needed from the partners are you agreeing to bring your % equal to your ownership %? How much time is allotted for your contribution? What is the plan if the partner says I don’t have or do not want to contribute additional capital?
5. How will the profits/proceeds be distributed? This is a big concern. I suggest a % be distributed and a % be reinvested back into the business. Don’t establish a dollar amount, it always changes as the business grows.
6. When will profits be distributed? Monthly/Quarterly/Annually?
Your needs will always be different. A formula for distribution of profits needs to be in place regardless of your needs. Never distribute based on needs of the partner, this will cause hardship and confusion. Distribute on a schedule.
7. What is the job role/responsibilities, of each partner? Write them out.
8. What is the process if the partner falls on hard times and wants to sell? Non elected, forced ( Bankruptcy, divorce, health, etc..) Formula for evaluation/terms/first right?
9. Is there a dispute clause if you reach an impasse? Or, majority owner holds the red button? This could be a phased approach. 1. Owners decide 2. Trusted advisors decide ( predetermined) 3. Arbitration
Where will the partnership be incorporated?
10. There should be a vision/mission/core values.


You cover these big topics and your future life will be much better, I promise.

 

 

Topics: Business, Accountability, Business Coaching, Balance, Success, Significance, Priorities, Blueprint, Preparation, Discipline, Clarity, Decisions, Crossroads, Wisdom, Encouragement, Guide, RoadMap, Communication, Growth, Perseverance, Execution, Obstacles, Evaluation

Do You Have This One Ingredient?

Posted by Aaron Walker on Jan 8, 2021 9:00:00 AM

We all have goals or at least things we want to have or do.

But do you have this one ingredient so you can get where you want to be and be successful in life?

Let me tell you what it is.

 

Topics: Motivation, Accountability, Character, Masterminds, Success, Significance, Priorities, Tips, Commitment, Blueprint, Preparation, Development, Crossroads, Encouragement, Guide, Determination, Perseverance, Advice, Expectation

What Is Your Wife Thinking?

Posted by Aaron Walker on Dec 4, 2020 9:15:00 AM

Do you want to know what your wife is thinking? Send her this survey and I assure you, you will learn things that you either failed to notice or didn't even ask that are paramount to keep your healthy marriage! http://viewfromthetop.com/spousesurvey

 

Topics: Accountability, Character, Marriage, Masterminds, Fun, Relationships, Significance, Tips, Commitment, Clarity, Development, Wife, Crossroads, Wisdom, Encourage, Encouragement, Guide, RoadMap, Communication, Perseverance, Advice, Truth, Honesty

This Is Community

Posted by Aaron Walker on Nov 25, 2020 9:00:00 AM

People always ask me what is. a mastermind. Some people do not know what it means. Let me tell you what it means.

It is a community taking care of its own - helping, supporting and pouring to each other especially on trying times. It is about giving back. It is about watching each other's back.

Get into a community if you are not yet into one. I'd like to encourage you to to that!

 

Topics: Life Coaching, Motivation, Accountability, Character, Masterminds, Community, Relationships, Success, Priorities, Tips, Commitment, Clarity, Decisions, Crossroads, Be The Light, Encouragement, Lift Someone Up, Be An Encouragement, Leadership, Guide, Perseverance, Trusted Advisor, Influence, Network, Authenticity, Attitude, Mission

What Is Your Leaky Faucet?

Posted by Aaron Walker on Nov 23, 2020 8:09:02 AM

Last year, there was a leaky faucet outside the hydrant. It was dripping and I kept saying I'll fix that next week. Then, the weather went crazy cold and I still have not fixed it and I guess you know how that turned out.

I thought about how that equates to our personal lives. We keep having that mentality "I'll take care of it later." What decisions are you making today that are going to affect you adversely 30, 60, 90 days from now? I want to encourage you today, take an inventory.

 

Topics: Life Coaching, Accountability, Character, Family, Relationships, Success, Significance, Priorities, Tips, Parenting, Commitment, Persistent, Consistent, Integrity, Discipline, Clarity, Development, Self Development, Decisions, Crossroads, Wisdom, Encourage, Encouragement, Risks, Leadership, Father Figure, Determination, Perseverance, Execution, fingerprint, Attitude, Procrastination

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