Introducing new business partners to add talent, increase sales, or enhance finances is often a good idea, but with new partners come new risks to your business. To minimize those risks:
- Evaluate how they will enhance your business.
- Conduct due diligence on new partners.
- Provide a honeymoon or probation period.
- Establish mutual expectations and goals.
- Define roles and responsibilities.
- Secure a business prenup or buyout agreement.
- Document your understanding.
If you are considering adding members, owners, or partners to your business, please contact us if you have any questions or issues.
