Adding a new business partner to your organization is always exciting; it is a sign of growth in one way or another. It can be difficult knowing how to incorporate this new person into your existing business structure. Friendships can make it tough to know how to handle written agreements, equity, and any legal ramifications that may come from the addition of a partner; this is where we can help.
We worked with a group of musicians that wanted to restructure to include one of the band members as a partner. In addition to adding this new member, they wanted to know how they could track their income and expenses better; they were doing everything in-house and things were getting messy.
We analyzed and optimized their accounting system to more accurately and efficiently track income from deposits on upcoming shows.Since then, we have created a partnership that offers the group valuable professional advice when needed, while still allowing them to concentrate on their music. Now they no longer have to worry about if they can afford new equipment.