10 min
When your agreement is not in writing Rise Up In Business
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- Entrepreneurship
A question I get asked a lot is on the topic of agreements. Do I really need to have them in writing? My answer is always absolutely, without a doubt, yes. I can’t stress highly enough how vital it is to make sure you have your agreements in writing and to make sure they are crystal clear right from the outset.
In this episode, I hone in on the importance of partnership agreements in particular. Having spent the first 12 years of my career in litigation and dispute resolution, I’ve seen it go wrong time and time again and a failure to have a rock-solid partnership agreement in place is one of the all too common scenarios that lead people to court. If only they had understood that prevention is better than cure.
Drawing on an example of a recent client of mine, I discuss a scenario where four business partners had no partnership agreements in place and describe the devastation that happened when a dispute took place, leaving no party happy with the outcome. I talk about the importance of clarity in your documents, putting your exit plan in writing and how doing so will leave no room for misaligned expectations.
Starting a business is a lot like being in love. Everyone is happy at the beginning, which makes this the perfect time to get all the details nutted out. Then, when disagreements inevitably arise, you’ll have a rock-solid and crystal clear document to refer back to, avoid unnecessary disputes and put the focus back on making your business a success.
LINKS:
Website:tmsolicitor.com.au
Instagram:https://www.instagram.com/tmsolicitor/
Facebook:https://www.facebook.com/traceymylecharanesolicitor
A question I get asked a lot is on the topic of agreements. Do I really need to have them in writing? My answer is always absolutely, without a doubt, yes. I can’t stress highly enough how vital it is to make sure you have your agreements in writing and to make sure they are crystal clear right from the outset.
In this episode, I hone in on the importance of partnership agreements in particular. Having spent the first 12 years of my career in litigation and dispute resolution, I’ve seen it go wrong time and time again and a failure to have a rock-solid partnership agreement in place is one of the all too common scenarios that lead people to court. If only they had understood that prevention is better than cure.
Drawing on an example of a recent client of mine, I discuss a scenario where four business partners had no partnership agreements in place and describe the devastation that happened when a dispute took place, leaving no party happy with the outcome. I talk about the importance of clarity in your documents, putting your exit plan in writing and how doing so will leave no room for misaligned expectations.
Starting a business is a lot like being in love. Everyone is happy at the beginning, which makes this the perfect time to get all the details nutted out. Then, when disagreements inevitably arise, you’ll have a rock-solid and crystal clear document to refer back to, avoid unnecessary disputes and put the focus back on making your business a success.
LINKS:
Website:tmsolicitor.com.au
Instagram:https://www.instagram.com/tmsolicitor/
Facebook:https://www.facebook.com/traceymylecharanesolicitor
10 min