The Cash Flow Contractor

Considering bringing on a partner in your business? Find out why having a solid operating agreement is crucial for a successful partnership. Patrick Lane shares key insights you can't afford to overlook!

Time Stamps
  • 00:05 - Episode & Guest Intro
  • 02:57 - The Importance of Operating Agreements
  • 05:13 - When Do You Need an Operating Agreement?
  • 08:33 - Key Provisions in Operating Agreements
  • 11:05 - Navigating Partnership Dynamics and Legal Advice
  • 13:02 - The Real Costs of Legal Disputes in Partnerships
  • 14:38 - Management and Financial Considerations in Operating Agreements
  • 22:33 - Addressing Distributions, Divorces, and Disputes
  • 25:58 - Navigating Tax Provisions in Operating Agreements
  • 26:45 - The Importance of CPA Involvement in Business Startups
  • 27:37 - Exit Strategies and Expulsion Provisions
  • 29:00 - The Essentials of Buy-Sell Agreements
  • 31:45 - Funding and Valuation in Buy-Sell Agreements
  • 36:47 - Ownership and Voting Rights in Business Partnerships
  • 40:47 - Employee Ownership: Pros and Cons
  • 43:08 - Non-Compete and Non-Solicitation Agreements
  • 47:24 - Building a Strong Advisory Team for Your Business
  • 52:46 - Final Thoughts and Advice on Operating Agreements

Resources

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What is The Cash Flow Contractor?

If you’re like most contractors we know, then you started your business because you’re passionate about and great at your craft. You also wanted to be your own boss. Owning a business has a lot of advantages, but also a lot of challenges.

We started this podcast to talk about things that matter to you as an owner, like business fundamentals, sales processes, marketing, leadership, and much more. Armed with knowledge, you’ll be able to reach your goals, whether that’s growth, getting your shop to run without you, or anything in between.