Optimizing Partnerships

February 9, 2012 – In The News
Pizza Today
From operational to financial, partners come in all shapes and sizes, the mindset and goals differing from one to the next. To avoid partnership pitfalls, a well-crafted partnership agreement addressing such key issues as who’s investing what and when, profits, incentives, partnership buyouts, death, disability, and expansion issues is an absolute must.

“If the agreement’s done right and the roles and what ifs are defined, you should never have to look at it again,” saysCarolyn Richmond.

Richmond encourages all potential partners to seek an attorney and accountant with hospitality industry experience, as both should understand the unique issues restaurateurs face. “Take pains to make sure the right professionals are in place. You don’t want someone trying out their skills on you the first time,” Richmond says, noting that chambers of commerce, restaurant associations and small business development centers can be helpful resources.