I will share a couple of pointers...
Besides getting professional advise from an Accountant / Lawyer / and your
Business Insurance Adviser.
Partnership is an ownership arrangement, which IS NOT the same as Owner's
Compensation Arrangement.
------------------------
We have passive partners who do not draw compensation from the Company. ($0
salary for being a partner, Active Partners earn a Salary for filling a
certain position and doing their job).
Partners do get to participate in the Overall strategy and direction of the
company, Active partners are trusted to make the day to day stuff work.
Partners, participate in the net earnings distribution of the company
profits after all expenses and salaries are paid.
----------------------------
The agreements that you have to agree upon before getting into a partnership
are :-
First: ... Separation Agreement, there is a lot that goes into this...in
addition you can do things like
(we have a 'gunshot'clause..... If I want to buy out my partner, and
decide to put a value to his shares, then he has the right of first refusal
to by my shares out at the same value...)
Second: ....Compensation Agreement, (Salary Allocation based on Job
Responsibility etc. No Salary for just being a partner)
Third: ...Ownership Agreement. (based upon what is being brought to the
table.)
Forth: ..... Buyout of a partners shares in case of death.
(Our partners are in agreement that in case of one of us
expiring, the others have no desire to be forced to work the
businesses with the partners surviving family member, so we have life
insurance on each other for the sole purpose of using it to buy
out the other partners shares in case of death).
-----------------------------
If the above is done up front, which is a Lot of Work Upfront, then things
do not need to get nasty at the back end.
We have been thru full cycle, and did not have any hesitation in taking on
another new partner.
-----
Faisal Imtiaz
Computer Office Solutions Inc. /SnappyDSL.net
Ph: (305) 663-5518 x 232
-----Original Message-----
From: [email protected] [mailto:[email protected]] On
Behalf Of Robert West
Sent: Thursday, October 22, 2009 11:31 AM
To: [email protected]; 'WISPA General List'
Subject: Re: [WISPA] Partnership Agreements
Thought about that too. I want to at least have control in policy and
pricing.
-----Original Message-----
From: [email protected] [mailto:[email protected]] On
Behalf Of Scott Carullo
Sent: Thursday, October 22, 2009 11:24 AM
To: WISPA General List
Subject: Re: [WISPA] Partnership Agreements
Don't do it...
Or if you do do it make sure you have controlling interest in the company
and can ultimately make any decision there is to be made. Consult lawyer do
not do it on your own... That's my 2 cents :)
Scott Carullo
Brevard Wireless
321-205-1100 x102
-------- Original Message --------
> From: "Robert West" <[email protected]>
> Sent: Thursday, October 22, 2009 11:17 AM
> To: "WISPA General List" <[email protected]>
> Subject: [WISPA] Partnership Agreements
>
> I've had as few people approach me in the recent past wanting to
> partner
up
> with me and to be honest, I can really use someone to carry half the
load.
> I'm leery, however of getting screwed. (My father was in business for
years
> with one partner and after they took on another they all got screwed
> to
the
> point they were out of business) A requirement of a partner, for me,
would
> be someone buying in with enough cash to grow the company to carry the
extra
> weight of the new guy. The ones in the past turned out to be flakes
with
> only dollar signs in their eyes. Not a good fit for me, I'm not about
cash
> in my pocket, that comes with doing a good job and someone talking
> about money all the time scares the hell out of me.
>
>
>
> I now have a guy who looks good. Has the assets and interest. Has 3
small
> towers in parts in his barn, he has a barn converted to an office,
> construction equipment, trailers, etc. He understands there won't be
any
> money flowing in his pocket for probably a year due to the expansion
we're
> doing. He says that's fine. He also has the billing and general
paperwork
> experience and background. (I absolutely hate dealing with the money
and
> paperwork) Looks good so far. The construction equipment would be a
help,
> no more begging things from farmers and making deals to get a hole dug.
His
> current gig is as an electrical engineer, travels around the world as
> a contractor overseeing the repair and programming of robotics as well
> as
the
> installation of the equipment. He says he's tired of being gone all
> the time and wants to stay in one area in a field that will be
> somewhat
related
> and complicated enough that he won't get bored. Hmmmmm..
>
>
>
> I've been to his home a few times, even put in a private wireless
connection
> between him and his neighbor a mile away. Seems like a decent guy.
>
>
>
> Now he wants to sit down and work things out on paper. Any advice on
things
> to cover my ass on? Things some of you wished you had down on paper
when
> you started out? I'm not a partner kinda guy, my business plan is
> always
in
> my head, I make much of it up as I go along and I jump in and just do
things
> myself so this is new territory. (However, my total lack of
organization
> is due to the previously stated operation of the business plan)
>
>
>
> I know some will yell to not take on a partner and I'd be one of them,
> believe me. That's why I've fought them off so long. But with a
> larger network coming online and eyes for even more expansion, it's
> looking good
to
> me. (We currently only have a little less than 200 subs but anticipate
> twice if not 3 times that to come online in 2010) I just don't want to
be
> out in the cold or screwed over due to my ability to trust. I'll
> never
give
> up more than 50%, won't happen, but there are many ways people can
> screw others.
>
>
>
> It all sounds like picking the right person for marriage. (I have a
> bad track record in that too!!! ) Do ya think maybe him and I should
> just
kinda
> "date" for awhile before we make the commitment? What would be
considered
> first base in this kind of thing....? Configuring a CPE after a few
dates
> then moving on to a customer installation then if it all goes well,
> take
the
> plunge and climb a tower together?
>
>
>
> Weird.
>
>
>
> Thanks.
>
>
>
> Robert West
>
> Just Micro Digital Services Inc.
>
> 740-335-7020
>
>
>
>
>
>
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