Joint Ventures With a Friend - Contract Writing - Tips From a Recovering Doormat

I believe in being generous but not to a fault. I love the concept of win/win and common sense is....well common sense.

If you're thinking of going into a joint venture with a friend, take the time to construct a contract. I'm not saying that you have a contract for a day at the beach. I'm suggesting that you have a contract where there is a certain amount of risk and you want a plan in place so that you do not get caught holding the bag.

If you feel kind of icky about the thought of a contract, you probably need one.

Yes, these are lessons I have learned the hard way. Once burnt, twice shy. It's not fun to take anyone to smalls claim court - it's downright painful.

Get the contract out of the way in the early days when you're excited and feeling good about the relationship. It's the best time for communication. After all when things go wrong, we will be feeling hurt and it's tougher to have tough communications. .

Difficult conversations are ten times more difficult for some of us.

When you have it in writing, you have thought about what  could go wrong when you are in your very generous frame of mind. What I have found when I collaborate with other generous minded folks is that we have a tendency to think of ways to protect one another when we do this exercise.

If you can't think of what can go wrong, ask other people. Sometimes they are more objective. Always choose folks you can trust. You will be so glad you did.

Pic Deep Shurchan