Structuring Your First Business Partnership: What To Keep In Mind

1
Structuring Your First Business Partnership
What To Keep In Mind
There are many pitfalls that new business owners
have to steer clear of when structuring their
first business partnership deals with outside
companies, and often, the only way to learn from
mistakes is to make them.
www.cynthiakocialski.com
2
Structuring Your First Business Partnership
What To Keep In Mind
Verbal Commitments Mean Nothing Lets look at the
biggest and most common mistake entrepreneurs
make the verbal agreement. Its imperative to
get everything in writing because verbal
commitments mean nothing! 
www.cynthiakocialski.com
3
Structuring Your First Business Partnership
What To Keep In Mind
Agreements are easily misunderstood even when
both parties have the best intentions. Also, keep
in mind that there are companies out there who
will take advantage of new business owners who
only make verbal agreements. They know this is a
sure sign of naivety. 
www.cynthiakocialski.com
4
Structuring Your First Business Partnership
What To Keep In Mind
The point is to always get everything in writing,
even if its just a statement of work. Any form
of a legal contract is better, but the deal has
to be large enough to justify the legal fees.
www.cynthiakocialski.com
5
Structuring Your First Business Partnership
What To Keep In Mind
A contract not only establishes the obligations
of both parties but it also serves as a statement
that you, as a new business owner, are committed
to the partnership with its terms and conditions.
www.cynthiakocialski.com
6
Structuring Your First Business Partnership
What To Keep In Mind
Tips for Getting the Deal Done Right
www.cynthiakocialski.com
7
Structuring Your First Business Partnership
What To Keep In Mind
Know the Other Company Well  Just because
another company has solid numbers does not mean
that they will make for a good business
partnership. Do your research on the other
company and learn what makes them tick. Know what
their current top issues are. If something does
not feel right, that might be a warning signal.
www.cynthiakocialski.com
8
Structuring Your First Business Partnership
What To Keep In Mind
Negotiating Begets Respect  When setting up a
new deal with another company, keep in mind that
you will have to negotiate. Negotiating means
coming up with terms that both you and the other
business can agree on. 
www.cynthiakocialski.com
9
Structuring Your First Business Partnership
What To Keep In Mind
Heres some tips 1. Always ask for more than
you want. There are just some people who feel
they need a concession and this way there is
always some points you are will be concede or
compromise on.
www.cynthiakocialski.com
10
Structuring Your First Business Partnership
What To Keep In Mind
Heres some tips 2. Never be afraid to walk
away. Always know your best alternative to a
negotiated partnership.
www.cynthiakocialski.com
11
Structuring Your First Business Partnership
What To Keep In Mind
Heres some tips 3. A business owner or
entrepreneur should negotiate only the general
terms and structure of the deal, and have a
lawyer negotiate the nitty-gritty details. The
lawyers negotiate the legal issues.
www.cynthiakocialski.com
12
Structuring Your First Business Partnership
What To Keep In Mind
Hire a Business Lawyer  Corporate lawyers love
to negotiate. Hopefully, as a good new business
owner, you already have solid legal support in
the form of a good lawyer that knows the ins and
outs of the law when it comes to business
dealings.
www.cynthiakocialski.com
13
Share your PASSION and KNOWLEDGE with world.
Get published on Start-Up Entrepreneurs Blog
www.cynthiakocialski.com