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21: Partnerships…our experience with the good, bad and ugly with Erik and Brian

Stories from Franchisees & Founders.

What you need to know about partnerships, the ins and outs of having partnerships. Erik and Brian discuss the things you need to know about partnership. They start to talk about their previous experience in having a partner. Brian talks about being naïve and being novice when he started with partnership. Erik talks about how his parent became his first partners in franchising. They go into deeper on the importance of having an attorney when going into a partnership. They also discuss further the more complicated parts of a partnership and putting together operate the operating agreement has to do with the buy sell agreement, part of the operating agreement. They emphasize the importance of attorneys playing a really key role in helping you get these partnership agreements set up for success from the beginning. They also emphasize that it is important to learn from business partners.