Focusing on how to make a partnership work is clearly good for business, but having an exit strategy is good for you. It’s easy to get caught up in making things work and let contingency planning slip to the wayside.
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Planning an exit strategy helps you understand the legal points of separation, splitting of assets and what should happen in the event of your partner’s death. This isn’t something you should plan alone but with your prospective business partner. Invite a lawyer along to help guide the process and commit this to paper. It’s like getting a pre-nup, but for work.
Making these arrangements while you and your business partner are on good terms is a good way to solidify protection should the relationship turn ugly down the road, but it also helps you in the case of an unfortunate incident that causes you to lose your partner completely. Entrepreneur has some other great things you should consider before diving into a business partnership. Hit the link below to check them out.
5 Things to Do Before Saying ‘I Do’ to a Business Partner [Entrepreneur]
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