292: Karen Mills Explains How to Structure Legal Teaming Agreements for Strategic Growth

Business Infrastructure - Curing Back Office Blues

It’s hard to believe, but we’re already at the midway point of our Growth Strategies Masterclass! As a recap, we’ve covered how to:

• Vet and validate your business growth ideas,
• Create a strategic plan that includes validated ideas, and
• Develop project plans to implement youur company’s growth strategy.

Growth comes in many shapes, forms, and scales of magnitude, and one viable way to grow is through partnerships or teaming agreements.

Have you heard the expression, “Two heads are better than one?” It’s true! Forming partnerships with the right people or companies can accelerate your business’s growth in ways you didn’t imagine. The legal aspects of forming partnerships correctly can be overwhelming.

But you’re in luck!

Our next guest is Karen Mills, a founding member of Mills Law, LLC. She has 25 years of experience practicing law with a specialty in contracts law and mediation services. Her expertise in teaming agreements is invaluable, making her the go-to authority for entrepreneurs and business owners seeking clear and fair strategies for growth.

In this episode, you’ll discover:

• The various types of teaming arrangements so that you set your business up for success,
• How to navigate the fine print of contracts to safeguard your business's future,
• The questions you should ask yourself before entering a partnership,
• Why you should always figure out an exit plan at the start of a partnership, and much more!

Stop relying on verbal agreements or handshakes to conduct business deals that make you and your business susceptible to unexpected and costly pitfalls. Instead, protect your business and its assets through clearly written contracts as you transition from the honeymoon phase of forming a new partnership. It can be one of the best investments you make!

𝐏𝐥𝐞𝐚𝐬𝐞 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐚𝐧𝐝 𝐋𝐞𝐚𝐯𝐞 𝐚 𝐑𝐞𝐯𝐢𝐞𝐰. ⭐ ⭐ ⭐ ⭐ ⭐

© 2024. The Business Infrastructure podcast is sponsored by Equilibria, Inc. – a small business dedicated to providing resources to support fellow fast-growing small businesses in scaling back-office operations without pain and chaos. Sign up for the Smooth Operator Course to learn more about building business infrastructure.