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When I started my business (38 years ago) I had a business partner. We didn’t have any clear agreements between us about who was doing what, or how we saw the business making money, or what it would take to do that.
It came as a big surprise to me that within a year we were arguing all the time and eventually we went our separate ways. It took a lot of time, negotiating, heart break – not to mention legal fees – to sort it all out.
What I have learned from my own experience and from the clients, family and business friends I have known in the 38 years since then is that taking the time to work out what your goals are and how you are going to operate saves a lot of heartache, broken relationships and lost money.