The document discusses challenges and practical aspects of structuring durable partnership agreements from inception to end. It notes that finding balanced skill-sets, lowering conflict points, and establishing decision-making parameters are important. Equity, personal guarantees, paperwork, and utilizing legal oversight on all contracts are also discussed. A sample partnership breakdown of tasks in a service industry is provided, with oversight and generating business listed as shared responsibilities. Interest in starting a sole proprietorship or partnership is solicited by contacting the listed phone number.

1. When That
“New Idea”
Is Ready!
GETTING PARTNERSHIPS TO WORK
FROM INCEPTION TO END-GAME
Presented by Buddy Thornton of BCT Mediations PLUS

2. Challenges of Structuring a
Durable Partnership Agreement
• End-Game is Paramount for ALL Partners
• Finding “Balanced” Skill-Sets
• Understanding “Ego-Driven” Motivations
• Lowering or Eliminating Potential Conflict Points
• Building Contingencies for Conflict Resolution
• Establishing Decision-Making Parameters
• Understanding Functional External Oversight
• Setting Up Mandatory Legal and Accounting Methodology
(Do NOT take this as an Exhaustive List by ANY Means)

3. Practical Aspects of Structuring a
Durable Partnership Agreement
• Equity and Ownership
• Personal Guarantees and Risk
• Unwritten Investment Agreements (Handshake Deals, Family, Friends)
• Say What You Will Do, Do What You Said, and Document Always
• Build-in Responsibility and Accountability
• Understand How Business Income Works
• Define Paperwork and Reporting Needs
• Utilize Legal Oversight on ALL Contracts and Privacy Documents
(Do NOT IGNORE your ATTORNEY or ACCOUNTANT)

4. Breakdown of Tasks: Sample Given
Basic Partnership in a Service Industry Company
• Partner 1:
Sales/Office/HR
• Partner 2: Field
Operations
Function
• Partner 1: Oversight-
Client Needs
• Partner 2: Oversight-
Contract Fulfillment
Application • Both Partners: Generate
New and Ongoing Business
• Both Partners: Capture
Referrals and Ensure Client
Satisfaction
Both

5. Interested in Starting
a New Business as a
Sole-Proprietor or
with a Partner?
Contact Buddy @ (480) 861-1371
to arrange a free consultation and to learn
more about getting your business started the
RIGHT way.