This VideoPost is a 3 part series on the tips and traps of going into business with others. It was recorded at the Radisson Blu Hotel in Sydney in November 2013.
Each of the 3 parts lasts for about 25 minutes, giving a total viewing time of around 75 minutes.
What is this VideoPost about?
Going into business with others can be one of the most rewarding things you do – whether they be family, friends or third parties. Sharing the highs and spreading the lows is much more fun.
But it can also be one of the most expensive things you do. So often we see people build significant wealth within their businesses, only to see it destroyed when they fall out with their fellow entrepreneurs. The key reason things go wrong is that the parties fail to agree on their expectations at the outset, and fail to plan the exit.
In this seminar you will learn how to get into business with people in a manner that will enable you to stay in business successfully, and then get out with your fair share of what you have built.
Among other things, we take you through:-
- The importance of setting expectations
- Identifying and managing contributions
- Funding growth
- Choosing an appropriate structure
- What documents you require, and the key terms that must be included – including Partnership Agreements, Shareholders Agreements, Constitutions, Exit Deeds, etc
- How to plan and implement a ‘clean exit’
- Particular issues for family businesses
- A framework for clearing the air – not just meeting requirements
Ultimately this seminar is about preserving your relationships with your business partners.
The information contained in this post was reviewed on 6 September 2022