Retirees' Guide to Do’s and Don’ts of Business Partnerships
When first cousins Peter Guidi, 60, and JJ Mokarzel, 62, decided to launch a bourbon company, Joe Louis Spirits, in Old Orchard Beach, Maine, they each drew from experiences with prior partnerships to structure their business. Both men knew they needed to be equally committed to the venture’s success but bring complementary skills to the table.
Despite being 50-50 partners, they agreed that Mokarzel would have the final say on any split decisions. “A ship can only have one captain,” says Guidi. “It’s a waste of time and effort if all you’re going to do is struggle for control,” he says.
You should also discuss financing, business structure and location, other contributors, insurance and tax implications, valuing the company, and the possibility that one partner might want to step away
