The Broad Strokes
So, you are about to embark on a new venture, but have you thought about the major deal terms, and have them in writing before you start? The best time to document your “agreements”, is before the business starts. In the beginning, ideas, visions, and expectations are different than when you are in the trenches. Before what you “remember” differs from your partners’, make sure you have everything in writing.
The Basics to Consider
Who gets to make what decisions? How much time to I have to put into the business? What about my partners? If the business is running in the negative, who has to put in the money to keep it afloat? And what if one or some of the partners (including me), can’t put in money to cover the cost of operations? What happens to my business if I do not agree with my partners. What if I get hurt, injured, or pass away?
How We Can Help
Like any other business, there is a lot to consider. We have been involved with, owned, managed, operated, and helped with so many types of businesses (hospitality related, and otherwise). Based upon our experience, we can help you identify, talk through, brainstorm, and think about the major deal terms (outside of the basic financials), which will have an impact on your business. With our help, you can then make the decisions you feel are best for your business, and will provide you with the safeguards and protections needed to run your business efficiently.