The Four Real Rules For Taking On A New Business Partner
Jack Garson as Published in Forbes.com
As Published on Forbes.com
By: Jack Garson | December 3, 2019
Your business selling vintage sneakers has reached mania levels of fame and fortune. You’ve got lines around the block of your storefront and bidding wars for your rare Nikes and curated Chuck Taylors. Wannabe influencers crash the place for selfies and walk out loaded up with merch. Then, one day, HE walks in. Even without the NBA jersey, the model on each arm or the half-court dunks, you know he’s THE ONE. It’s mutual. The Rookie of the Year wants to take a chunk of his signing bonus and partner up with you—future Entrepreneur of the Year. Both of you are hearing wedding bells.
Seriously, what could go wrong?
Entrepreneurs rush into business marriages like lost souls who find “true love” rolling on Molly at Burning Man. You both hastily sign a profoundly inadequate contract that forever shackles you to a dude you hardly know. Yeah, it could be true love. Orrrrrr…you find out your eternal partner is a…psycho or at least Dr. Incompatible. To quote the Oracle (a.k.a the Talking Heads): “This ain’t no party. This ain’t no disco. This ain’t no fooling around.”
Don’t hitch the fate of your business to somebody just because they’re charming (at first) and loaded. This is the real business world. Easy is hard and simple is complicated. Dig deep. Be selective. Document the deal. Plan for the worst and work to avoid it. It pays.
Real Rule #1: The First Date
You need to figure out whether you and your prospective partner share the same values and goals. Patience. Listen—instead of waiting to talk. Don’t say what you want in a partner. Let them tell you what kind of partner they want to be. And don’t ignore what you don’t like. I repeat, don’t ignore what you don’t like. I repeat… Either you get it or you don’t.
ABOUT JACK GARSON
Jack Garson’s practice focuses on Real Estate, Construction, and Business law. He serves as a legal advisor for numerous local, regional and national companies, focusing on business, commercial real estate and construction law. In addition to providing legal counsel, Jack serves as a strategic advisor and negotiator for many clients, providing guidance on issues such as the growth and sale of businesses, liability and risk reduction, hiring and retention of key personnel, protecting and enhancing profitability, and negotiating the resolution of complex commercial disputes.
Jack has successfully negotiated commercial transactions, ranging from the purchase and sale of multi-million-dollar businesses to the structuring of nine-figure construction contracts, and the sale and leasing of commercial properties throughout the United States.
ABOUT OFFIT KURMAN
At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we focus on furthering our clients’ objectives and provide timely services and within budget, all while focusing on the clients’ interests and goals.
Offit Kurman is one of the fastest-growing, full-service law firms in the United States. With over 230 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well-positioned to meet dynamic businesses' needs, as well as the needs of the people who own and operate them. We also provide representation of individuals and families in diverse matters ranging from estate planning and asset protection to intellectual property structuring and entrepreneurial start-ups. Our International Group provides clients with a broad range of services for transactions and dispute representation for clients worldwide, including Europe, Canada, Asia, Latin America, the Middle East and Africa.
At Offit Kurman, we distinguish ourselves by the quality, breadth, and global reach of our legal services — as well as our unique operational structure, which encourages a culture of collaboration and entrepreneurialism. The same approach that makes our firm attractive to legal practitioners interested in representing clients in the middle market, also gives clients access to experienced counsel in almost every area of the law and in many jurisdictions in the U.S. and abroad
Subscribe and follow us on our Blog, and on Facebook, Twitter, Instagram, YouTube, and LinkedIn. You can also sign up to receive LawMatters, Offit Kurman’s monthly newsletter covering a diverse selection of legal and corporate thought leadership content.
DELAWARE | MARYLAND | NEW JERSEY | NEW YORK | NORTH CAROLINA | PENNSYLVANIA |SOUTH CAROLINA | VIRGINIA | WASHINGTON, DC