The $214,482.33 Mistake
When starting out in IM - and even when you
finally have things going, it's easy to fall into
a deadly trap.
PARTNERS.
In the IM world, it's easy to do a JV with
someone, partner with someone on a project
or product and not have legal documentation
in place.
Do yourself a favor and have agreements
with EVERYONE you do business with. Even
if the person is your own brother or sister.
Things happen. Life happens. People change.
The amount of time and money l've lost in
my beginning years working with the wrong
people of whom I did not have solid partnership
agreements have cost me far more than the
titled amount.
And once you do have legal docs in place - if
someone isn't willing to sign them, then odds
are that deal would have went south anyway.
Partner with the right people. Get solid
agreements in place. Remember that you
are building a business.
Treat it like one.
finally have things going, it's easy to fall into
a deadly trap.
PARTNERS.
In the IM world, it's easy to do a JV with
someone, partner with someone on a project
or product and not have legal documentation
in place.
Do yourself a favor and have agreements
with EVERYONE you do business with. Even
if the person is your own brother or sister.
Things happen. Life happens. People change.
The amount of time and money l've lost in
my beginning years working with the wrong
people of whom I did not have solid partnership
agreements have cost me far more than the
titled amount.
And once you do have legal docs in place - if
someone isn't willing to sign them, then odds
are that deal would have went south anyway.
Partner with the right people. Get solid
agreements in place. Remember that you
are building a business.
Treat it like one.