Why Every Partnership Needs an Agreement

“You and your friends just came up with a world-changing business idea. How do you stay best friends—even if the business fails?”

That’s how Debbie Faulkner opens one of her latest videos—and it’s a question more entrepreneurs should be asking.

Whether you’re starting a business with your best friend, spouse, sibling, or investor, there’s one thing that will protect your relationship and your venture: a partnership agreement.

What Is a Partnership Agreement?

A partnership agreement is a contract between two or more people that defines the rules of engagement in a business venture. According to Debbie, it’s not just about paperwork—it’s about relationships.

A well-crafted agreement outlines:

• Each person’s contribution (money, time, intellectual property)
• Division of profits and losses
• Decision-making power
• Role expectations
• Exit strategies and buyout terms

Why You Need One—Even If You’re Still Besties

As Debbie explains in her video, the best time to define the “what-ifs” is when you’re still in a good place.

“We like to plan our partnership agreements before we have any unhappiness within the relationship.”

Here’s why:

• People change. Businesses evolve. Priorities shift.
• Unexpected exits happen—due to illness, family matters, financial hardship, or a falling out.
• Without a plan in place, these situations often lead to litigation, resentment, or the end of the relationship.

The Faulkner Firm’s Collaborative Contracting Approach

At The Faulkner Firm, every contract is an act of clarity and collaboration.

What makes our approach different?

• The Faulkner Firm brings years of experience in wealth preservation, business formation, and multi-million dollar deal-making.
• We believe exit strategy conversations should happen on day one, not in the courtroom.
• Our agreements are designed to evolve alongside your business.

“The best time to set expectations is before the work begins. We don’t build a house without blueprints—why start a business without one?”

Real Clients. Real Protection.

From startups to real estate developers, we’ve helped hundreds of partners:

• Avoid nasty surprises
• Resolve disagreements with respect
• Exit ventures cleanly and confidently

We’ve even built buy-sell clauses that have saved partnerships when one partner needed to leave unexpectedly—without burning bridges.

Let’s Get You Covered

If you’re entering a business partnership, don’t just cross your fingers and hope for the best. Protect your vision, your investment, and your relationship with a partnership agreement.

🖋️ Schedule a consult with The Faulkner Firm today to draft an agreement that honors both your goals and your growth.

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