«

»

Nov 09

E321: Ask Coach – One Page Agreements

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.

 

  1. Working with others can come in many forms
    1. These arrangements can be simple or very complex
    2. Sharing the cost of ad space can be simple
    3. Creating a joint venture to chase work is more complex
  2. Set ther terms upfront
    1. Communication is key and starts in the beginning
    2. Set the expectations – who does what
    3. Address the money
  3. Memorialize everything
    1. Use a simple letter of intent to catch the basics
    2. Get advice as the deal gets more complex
    3. Get the LOI executed upfront

Key Questions:

  1. Are you working on any joint efforts?

  2. How do you memorialize your deals?

  3. Do you get an agreement upfront?

  4. Are you protected?

Take-Action Items:

  1. Develop a one-page letter of intent for potential deals

  2. Get a signature before the talks go too far

  3. Get agreements early and adjust as necessary

email