Monday’s= Small Business
A business owner who has a partner needs a written agreement with this partner. If your business is incorporated then this agreement is called a shareholder agreement, otherwise it is a partnership agreement.
There are a few crucial items that should be included in this agreement. I have divided them up into the three C’s. Control, Conduct and Change. This post talks about the first one, Control– how will decisions be made, how will you get out of the business and how would you value the business?
Making decisions in a business is easy if you are the only owner. If you have partners then you need a plan, some people divide it up by function – you decide about finances and I decide about marketing. Others take turns and some people just use rock, paper, scissors to decide.