Car Wash - Summer 2018 - 115

3. AGREEMENT

There can be complete trust and honest respect in a business relationship, but it can all come tumbling down with
one seemingly simple misunderstanding. "I thought you were
going to do this?" "No, I assumed that you would do that!"
During the honeymoon phase of the relationship when we
are caught up in the excitement of the new business, we may
be quick to make assumptions and avoid difficult conversations. Dodging critical questions and assuming that things
will always be great often leads to ruinous arguments later.
It's critical that you clearly define upfront who will do what
and how much time each partner will invest in the business.
You also have to discuss and agree on many other points
including the terms of a future buy-out - either because one of
the partners wants out, or there is a death or other life event.
Legal written partnership agreements are a must for any
partnership. This typically includes an Operating Agreement
and a Buy-Sell Agreement which is drafted by an attorney.
The legal agreement defines all of the parameters and terms
of the business, including who is the Managing Member,
what capital is contributed by each member and what happens when a member of the partnership wants to exit or can
no longer perform their duties.
We recommend that you start with a Memo of
Understanding. This is simply an outline that documents
most of the terms of the partnership. Then you consult
with an attorney to finalize the details and create the legal
Operating or Partnership Agreement. The key is to discuss
and agree upfront on the terms of the partnership and avoid
the misunderstandings and resentment that can otherwise
develop later.
There are many reasons why partnering may make best
sense for your business venture, including funding (one
partner or a "silent partner" provides the money for start-up),
expertise (one partner has the expertise in the industry or
business you are starting) and the desire to build a company
with friends and family (although we always caution that you
be careful when partnering with your friends and family as
it may end badly). If you are like me, you may simply prefer
and be significantly more productive when you combine
your efforts with a partner. Regardless of the reasons, always
consider the three pillars of trust, respect and agreement upon
which successful business partnerships are usually based.

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Table of Contents for the Digital Edition of Car Wash - Summer 2018

Letter from the ICA
Meet the Board
By the Numbers
Overheard Online
What Makes a Good Leader
Harnessing the Power of Diversity
Be the Best Servant Leader You Can Be
Coaching Them Up
Passing the Torch
Celebrating ICA’s Emerging Leaders
VNTYPL8
Marking a Milestone
The Car Wash Show 2018
Car Wash Show Australia Prepares for Fall Show
Kati Wright, Lone Star Car Wash Systems
Take a Tour: Snap Clean Car Wash
Automotive Technology
Regional Update: Western Carwash Association
"The How of Carwashing"
Blast from the Past
Download It!
Marketing Minute
Top Tweets
Ask Champ
Advertiser Index
5 Things
Car Wash - Summer 2018 - Intro
Car Wash - Summer 2018 - bellyband1
Car Wash - Summer 2018 - bellyband2
Car Wash - Summer 2018 - cover1
Car Wash - Summer 2018 - cover2
Car Wash - Summer 2018 - 3
Car Wash - Summer 2018 - 4
Car Wash - Summer 2018 - 5
Car Wash - Summer 2018 - 6
Car Wash - Summer 2018 - 7
Car Wash - Summer 2018 - 8
Car Wash - Summer 2018 - 9
Car Wash - Summer 2018 - 10
Car Wash - Summer 2018 - Letter from the ICA
Car Wash - Summer 2018 - 12
Car Wash - Summer 2018 - Meet the Board
Car Wash - Summer 2018 - By the Numbers
Car Wash - Summer 2018 - 15
Car Wash - Summer 2018 - 16
Car Wash - Summer 2018 - Overheard Online
Car Wash - Summer 2018 - 18
Car Wash - Summer 2018 - 19
Car Wash - Summer 2018 - 20
Car Wash - Summer 2018 - 21
Car Wash - Summer 2018 - What Makes a Good Leader
Car Wash - Summer 2018 - 23
Car Wash - Summer 2018 - 24
Car Wash - Summer 2018 - 25
Car Wash - Summer 2018 - 26
Car Wash - Summer 2018 - 27
Car Wash - Summer 2018 - 28
Car Wash - Summer 2018 - 29
Car Wash - Summer 2018 - 30
Car Wash - Summer 2018 - 31
Car Wash - Summer 2018 - Harnessing the Power of Diversity
Car Wash - Summer 2018 - 33
Car Wash - Summer 2018 - 34
Car Wash - Summer 2018 - 35
Car Wash - Summer 2018 - 36
Car Wash - Summer 2018 - 37
Car Wash - Summer 2018 - 38
Car Wash - Summer 2018 - 39
Car Wash - Summer 2018 - 40
Car Wash - Summer 2018 - 41
Car Wash - Summer 2018 - Be the Best Servant Leader You Can Be
Car Wash - Summer 2018 - 43
Car Wash - Summer 2018 - 44
Car Wash - Summer 2018 - 45
Car Wash - Summer 2018 - 46
Car Wash - Summer 2018 - 47
Car Wash - Summer 2018 - Coaching Them Up
Car Wash - Summer 2018 - 49
Car Wash - Summer 2018 - 50
Car Wash - Summer 2018 - 51
Car Wash - Summer 2018 - 52
Car Wash - Summer 2018 - 53
Car Wash - Summer 2018 - 54
Car Wash - Summer 2018 - 55
Car Wash - Summer 2018 - 56
Car Wash - Summer 2018 - 57
Car Wash - Summer 2018 - Passing the Torch
Car Wash - Summer 2018 - 59
Car Wash - Summer 2018 - 60
Car Wash - Summer 2018 - 61
Car Wash - Summer 2018 - 62
Car Wash - Summer 2018 - 63
Car Wash - Summer 2018 - 64
Car Wash - Summer 2018 - 65
Car Wash - Summer 2018 - Celebrating ICA’s Emerging Leaders
Car Wash - Summer 2018 - 67
Car Wash - Summer 2018 - 68
Car Wash - Summer 2018 - 69
Car Wash - Summer 2018 - 70
Car Wash - Summer 2018 - 71
Car Wash - Summer 2018 - 72
Car Wash - Summer 2018 - 73
Car Wash - Summer 2018 - 74
Car Wash - Summer 2018 - VNTYPL8
Car Wash - Summer 2018 - 76
Car Wash - Summer 2018 - 77
Car Wash - Summer 2018 - 78
Car Wash - Summer 2018 - 79
Car Wash - Summer 2018 - 80
Car Wash - Summer 2018 - 81
Car Wash - Summer 2018 - 82
Car Wash - Summer 2018 - Marking a Milestone
Car Wash - Summer 2018 - 84
Car Wash - Summer 2018 - 85
Car Wash - Summer 2018 - The Car Wash Show 2018
Car Wash - Summer 2018 - 87
Car Wash - Summer 2018 - 88
Car Wash - Summer 2018 - 89
Car Wash - Summer 2018 - 90
Car Wash - Summer 2018 - 91
Car Wash - Summer 2018 - 92
Car Wash - Summer 2018 - 93
Car Wash - Summer 2018 - 94
Car Wash - Summer 2018 - 95
Car Wash - Summer 2018 - Car Wash Show Australia Prepares for Fall Show
Car Wash - Summer 2018 - 97
Car Wash - Summer 2018 - 98
Car Wash - Summer 2018 - Kati Wright, Lone Star Car Wash Systems
Car Wash - Summer 2018 - 100
Car Wash - Summer 2018 - 101
Car Wash - Summer 2018 - Take a Tour: Snap Clean Car Wash
Car Wash - Summer 2018 - 103
Car Wash - Summer 2018 - 104
Car Wash - Summer 2018 - 105
Car Wash - Summer 2018 - Automotive Technology
Car Wash - Summer 2018 - 107
Car Wash - Summer 2018 - 108
Car Wash - Summer 2018 - 109
Car Wash - Summer 2018 - 110
Car Wash - Summer 2018 - Regional Update: Western Carwash Association
Car Wash - Summer 2018 - 112
Car Wash - Summer 2018 - "The How of Carwashing"
Car Wash - Summer 2018 - 114
Car Wash - Summer 2018 - 115
Car Wash - Summer 2018 - Blast from the Past
Car Wash - Summer 2018 - 117
Car Wash - Summer 2018 - Download It!
Car Wash - Summer 2018 - Marketing Minute
Car Wash - Summer 2018 - 120
Car Wash - Summer 2018 - Top Tweets
Car Wash - Summer 2018 - Ask Champ
Car Wash - Summer 2018 - 123
Car Wash - Summer 2018 - Advertiser Index
Car Wash - Summer 2018 - 125
Car Wash - Summer 2018 - 126
Car Wash - Summer 2018 - 127
Car Wash - Summer 2018 - 128
Car Wash - Summer 2018 - 129
Car Wash - Summer 2018 - 5 Things
Car Wash - Summer 2018 - cover3
Car Wash - Summer 2018 - cover4
Car Wash - Summer 2018 - outsert1
Car Wash - Summer 2018 - outsert2
Car Wash - Summer 2018 - outsert3
Car Wash - Summer 2018 - outsert4
Car Wash - Summer 2018 - outsert5
Car Wash - Summer 2018 - outsert6
Car Wash - Summer 2018 - outsert7
Car Wash - Summer 2018 - outsert8
Car Wash - Summer 2018 - outsert9
Car Wash - Summer 2018 - outsert10
Car Wash - Summer 2018 - outsert11
Car Wash - Summer 2018 - outsert12
Car Wash - Summer 2018 - outsert13
Car Wash - Summer 2018 - outsert14
Car Wash - Summer 2018 - outsert15
Car Wash - Summer 2018 - outsert16
Car Wash - Summer 2018 - outsert17
Car Wash - Summer 2018 - outsert18
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