205 - Why You Need An Operating Agreement Yesterday with Patrick Lane

Written By Guest User

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

Quotable Moments from The Show

  • "Agreements are like insurance policies, they're a pain in the rear." - Martin Holland

  • "Not everybody wants to be the manager." - Martin Holland

  • "You don't want to have mandatory distributions for a company that doesn't have the money to distribute." - Patrick Lane

  • "The goal is to keep the company operational without any interference from somebody who's not really invested in the business." - Patrick Lane 

  • "Maybe they don't know anything about running whatever business it is that you're running." - Patrick Lane

More from Patrick Lane

More from Martin

More from Khalil

More from The Cashflow Contractor

Resources

Guest User
Previous

206 - What is Your Cash Rhythm?: Why You Need a Weekly Cash Flow Report
Next

204 - When You Know They Need to Go: Firing Employees The Right Way