Have you thought about forming partnerships with other people or companies to catalyze growth at your company? Achieving scale, more revenue, and greater profitability at a faster rate are just some of the many benefits that a strategic partnership can offer.

But you must be careful in forming these partnerships. There are legal aspects to consider like profit sharing, intellectual property protection, and even a plan for dissolving the partnership. These aspects should be formalized in a contract and then discussed, negotiated, and signed in writing to protect everyone involved.

In this latest episode of our Growth Strategies Masterclass, our producer and host, Alicia Butler Pierre, shares details about her behind-the-scenes work with Karen Mills. As a reminder, Karen was the lawyer featured in the last episode. She specializes in contract law, in particular teaming agreements.

The information shared in this episode is a bit unique in that Alicia actually sketches out a workflow diagram (or flowchart) as she describes her work with Karen. As a result, you can expect to:

• Learn the process for drafting a teaming or partnership agreement,
• Discover the different ways to construct a partnership agreement,
• Gain an understanding of the various types of clauses (i.e., first right of refusal and non-disclosure) you may want to include, and
• Walk away with a foundation required to form a strategic partnership with confidence.

Talk is cheap. Stop relying on verbal agreements 🗣️ or handshakes 🤝 to conduct business deals that make you and your business susceptible to unexpected and costly pitfalls.

Instead, protect your business and its assets through clearly written contracts as you transition from the honeymoon phase of forming a new partnership. It can be one of the best investments you make!!

𝐏𝐥𝐞𝐚𝐬𝐞 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐚𝐧𝐝 𝐋𝐞𝐚𝐯𝐞 𝐚 𝐑𝐞𝐯𝐢𝐞𝐰. ⭐ ⭐ ⭐ ⭐ ⭐

© 2024. The Business Infrastructure podcast is sponsored by Equilibria, Inc. – a small business dedicated to providing resources to support fellow fast-growing small businesses in scaling back-office operations without pain and chaos. Sign up for the Smooth Operator Course to learn more about building business infrastructure.