Mon, 10 August 2015
Partnerships sound like a great idea – share the resources, the work and the brain-power. More inputs mean more profit, so 1 + 1 = 3, right? But most partnerships don’t work out as hoped – the expectations were unrealistic, the profits weren’t there, or the division of time and responsibilities led to disagreement.
In this interview Ken Burgin talks with lawyer Richard Edwards of Whites Legal. He’s helped many business partners set up a cafe or restaurant, helped others to fine-tune their agreement, and assisted others to end their partnership. Hopefully the termination will be amicable, sometimes it’s not. We discussed essential elements of a partnership agreement, the division of work and profits, buy-sell agreements, and how family members can come into the equation. If you’re planning a partnership for a cafe, restaurant or bar, or you’re in one and have questions, this is an excellent source of information.
Richard was also interviewed in Podcast 93 on Legal Essentials for a New Cafe, Restaurant or Bar