Creating alignment in partnerships with the 6 D's of shareholder agreements
We've recently started a coaching group that takes interested parties, mostly fans of the show at this stage, and brings them together under the protection of mutual non-disclosure agreement to work on going through a full acquisition cycle.
This is a mini-episode geared towards elevating one of the great questions coming out of the group because we have been getting a lot of feedback from listeners that you'd like more detail and tactical content when it comes to buying your first small business.
In this episode we address when is the correct time to incorporate and formalize a business partnership, and delve into how to address the possible assumption of risks with your spouse/significant other, and applying the 6 D's towards having a productive conversation about how your partnership will work. This is a simple exercise you can run through with your potential future partners as a way to value map, and get on the same page informally before you get too far down the path.
Choosing the right partners makes a big difference in this game, and if you cannot have these difficult conversations with them, you're not likely going to be able to handle truly stressful situations when operating together.
Try it out and let me know what you think.
Interested in joining a buyer's group yourself? Email me at firstname.lastname@example.org