Grab your Partnership Agreement template here:
Stopgap Agreement is not a sexy name, but my custom version of a templated founders’ agreement addresses a very real issue that I witness founders confront the consequences of regularly.
That is, the problem of not having a proper partnership agreement because they couldn’t afford one when they started, or, potentially more damaging, having opted for a cheap, off-the-shelf option from a legal document template site (we won’t name names but a popular one rhymes with Seagull Room, which often has great forms but isn’t the right option for complex, custom agreements).
I talk more about the details of this templated agreement in this video, but, so you get the gist, this agreement covers five crucial aspects of any business partnership:
– Who the founders are
– Project scope
– Economics (equity split)
– Control (who has how much say, governance, etc.)
– Most importantly, a provision to upgrade this agreement at some point in time
So, take a look at this week’s video and let me know what you think!
This is the 12th video in my Business Partnership Mastery Series, where I dive into both the philosophy and legal nuts and bolts of mastering business partnerships. If you are a current or future business owner, you will definitely want to stay tuned for videos in this upcoming series, so make sure to subscribe!
Inspired by the content in my book, Partner-Proofing Your Partnership, I will touch and expand on the primary concepts I fleshed out in that short read which you can find here:
For a deeper dive into and other legal issues vital to the success of your deals and your business, visit me at:
Just starting up? Check this out for my advice on startup success: www.thestartupshepherd.com.
You can also reach me at:
My 20+ years of experience in business finance, business law and entrepreneurship have led me to believe that numbers and logic are awesome tools, but understanding human nature and emotions is the first step to business success.
The Cenkus Law Firm provides services related to mergers & acquisitions, general business issues and startups, including founders’ agreements and fundraising. I also consult with entrepreneurs and have invested my own capital as an angel investor.
From 2010-2013 I served as Chief Legal Counsel of a publicly-trade international oilfield services company. From 2001 to 2006 me and a partner founded and built Paragon Residential Mortgage. Paragon was sold to Bridge Investments in 2006.
I hold a Juris Doctorate from Harvard Law School and a Bachelor of Arts degree in Economics from Messiah College in Grantham, Pennsylvania.
Now, I live in Austin, TX with my wife and two kids. I enjoy reading, running, classic movies, great food and wine and some great American football.