Davis and Emily had a great time presenting at Twin Cities Startup Week on October 11 at COCO Downtown. In case you missed it, here are our top five do’s and don’ts for business partnerships.
DO
- Maintain a majority interest
- Value the business fairly
- Keep good records
- Communicate often
- Have an exit strategy
DON’T
- Assume a partner wants equity
- Accept money without knowing if its a loan or contribution
- Overlook securities issues
- Rely on your friendship or a “handshake” deal
- Bring on a partner without help
Business breakups are tough. Do your future self a favor and take the time to sort things out on the front end. Reach out to your attorney, accountant, and other trusted advisors for assistance before you bring someone in as a partner.
Questions? Thinking of bringing on a partner? Be in touch—we’re happy to help!