Partnership agreement took 8 months to finalize. I was naive.

I thought a handshake and a shared google doc would be enough to start a business with my buddy. 8 months of back and forth over things like who pays for a new truck if it breaks down. Anyone else underestimate how long these things take?

2 comments

2 Comments

michael_coleman105d ago

8 months for a partnership agreement sounds excessive for most small businesses. Unless you're dealing with millions in assets or complex intellectual property, a standard template with a few custom clauses should cover the basics. You might have been overthinking it unless there's something specific making it that complicated.

uma_taylor473d ago

And actually @michael_coleman10 I gotta push back hard on that. 8 months is not excessive when you're protecting yourself and your buddy from ruining a friendship. A standard template doesn't cover who pays for a new truck if one of you wrecks it or if the business goes under who's on the hook for debt. You can't just grab a boilerplate from LegalZoom and call it a day when real money and real people are involved. The reason it took that long is because real agreements have to spell out every little fight you don't want to have later. I'd rather spend 8 months getting it right than lose a friend and my savings in 8 days.