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The fifth edition of the popular businessDEPOT Live series was on the 10th of October. We talked 'You, Me and The Company', including all the nitty gritty about business partnerships.
This time around our expert panelists were all members of the businessDEPOT team and gave their insights from their own experiences on business partnerships.
Picture this, you've just started a business with a friend or business partner. You guys have known each other forever, you trust one another and think you make a great team. But, do you need to put any structures in place?
Jacob Aldridge the Director of Business Advisory, joined us to discuss the people you are in business with, and the strategic and operational implications this has on decision making. Before you enter a partnership, or if you are thinking about whether your business partner is still a good fit, you need to consider a few core things. Including, what the cultural and commercial visions are for your enterprise. As well as, what are the functional responsibilities of each partner, to the expected salaries and dividends. All these variables need to be considered before entering into a partnership with someone else.
Joe Scuderi a Director of businessDEPOT Accounting, joined us to discuss how to get your business structure right. Including what structure might suit your business model, how to protect your assets, commercial considerations, and remuneration.
Cameron Hancock a Director of businessDEPOT Legal discussed all the Legal stuff involved with business partnerships. Cameron focused on the importance of having a stakeholders agreement in place when entering a business partnership. Although a stakeholders agreement won't prevent a problem by itself, it will regulate how the problem will be solved.
To download the slides from the night click here:Download Slides