Working with others is a great way to boost your business, just protect yourself.
Q: You talk about working with others, what is the best way to establish that agreement?
A: The first thing you should do when talking about working with another company is to execute a one-page letter of intent that outlines the basics. Depending on complexity, you may want your council to assist in a final agreement.
- Working with others can come in many forms
- These arrangements can be simple or very complex
- Sharing the cost of ad space can be simple
- Creating a joint venture to chase work is more complex
- Set ther terms upfront
- Communication is key and starts in the beginning
- Set the expectations – who does what
- Address the money
- Memorialize everything
- Use a simple letter of intent to catch the basics
- Get advice as the deal gets more complex
- Get the LOI executed upfront
Are you working on any joint efforts?
How do you memorialize your deals?
Do you get an agreement upfront?
Are you protected?
Develop a one-page letter of intent for potential deals
Get a signature before the talks go too far
Get agreements early and adjust as necessary