Especially when cash flow is tight, partnering with another business to develop a co-branded product or service can be a lucrative way to locate untapped customers without having to shoulder the economic and creative burden all on your own. Properly planned and executed co-branding arrangements can be highly profitable for all parties involved. However, there are many more ways that this relationship could go south.
As with any business partnership, it involves risk, but you can take steps to mitigate unnecessary risk. No matter the size of your company or the extent of your business partnership, in order to capitalize on all the potential upsides of a co-branding arrangement, you have to avoid and mitigate the downsides.
Good Contracts Are Just Good Business
The business world is permeated by contracts. Poorly written contracts can cost a business hundreds of thousands of dollars. Understanding some of the basics about business contracts will help you grow and protect your business.
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Here at Alexander Abramson, we focus exclusively on business-related legal matters. Our attorneys have advised business owners and entrepreneurs for decades on all their commercial contract needs. We can help you define the necessary terms of a commercial relationship and ensure that those terms are included in a well-written contract that all parties understand.
We would love to speak with you directly about how we can help you increase and protect the value of your business. Call us at 407-649-7777 or email a team member to get started.
