Help with operating agreement for a partnered search

by a searcher from Harvard University - Harvard Business School

1 month ago

I would love to connect with anyone who has done a partnered search. I'm looking to understand how to craft a solid operating agreement and be able to have the right discussion for the right foundation upfront. Any advice is appreciated. Thanks!

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6 comments

searcher from Deakin University

When crafting a solid operating agreement for a partnered search, focus on these key elements upfront: 1. Roles & Responsibilities: Clearly define each partner’s contributions and decision-making authority. 2. Equity Split: Agree on ownership percentages based on contributions, risk, and effort. 3. Dispute Resolution: Include a framework for resolving disagreements, such as mediation or arbitration. 4. Exit Strategies: Outline buyout options, partner withdrawal terms, and what happens in case of dissolution. 5. Profit Distribution: Detail how profits and losses will be shared. 6. Future Capital Needs: Decide how additional funding will be handled. Engage a legal professional early to ensure clarity and compliance, and have candid discussions with your partner(s) to align expectations.

1 month ago | like reply | 0 likes

professional from Duke University

Second Sarah's recommendation of The Partnership Charter - great book! When it comes time to document the agreement, feel free to reach out - we do tons of ownership agreements at Weavil Law.

1 month ago | like reply | 1 like

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