Partnership Agreements with Charlene Parlett [RR 642]

[carmcapriotto]

Charlene Parlett, AMAM, CEC, ATI Executive Coach

Charlene is an Executive Coach at ATI, is a former shop owner, and has been a coach for 6 years. Charlene helps clients find the right solutions to their challenges and encourages them to make the changes that result in having the life they dreamed about when they got into business ownership.

Key Talking Points

• Technician turned shop owner- you spend years becoming a great technician, but now you’re starting a business from day 1 with no background training. Spend the same amount of time becoming a great business owner as you did becoming a great technician.  
• Divorce- see your business as a business instead of “our baby” with emotional attachment. You need defined roles with a business lawyer from day 1. Don’t mix personal banking and business banking.
• Everyone in any business partnership needs to have legal documents- someone may want or need to get out of business, pass away, divorce etc at some point and legal documents are a necessity. Need operating agreement about sale and ownership of the partnership. 
• Succession planning- no one wants to plan for their last day in the business but owners need to have a succession plan in place no matter what
• Getting started- start the conversation in a business setting instead of at home, have in place key man insurance for both, make decisions when no emotions are involved.
• Thanks to Charlene Parlett for her contribution to the aftermarket’s premier podcast.
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