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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
May/June 2024
Building a Successful Partnership
Going into business with someone else requires more than just sharing good ideas. For a partnership to succeed, partners must make mutual decisions about the business’s structure, financing and conflict resolution.
On the Same Page?
As a first step, you and your partner should discuss your visions for the business. This might include a timeline for growth and potential changes in the business over time. Shifting goals and priorities may result in the need to restructure responsibilities and compensation in the future.Where Will the Money Come From?
Partners should discuss sources of funding for the business, as well as strategies for raising money in the future. While taking out a business loan may be a viable option, both partners must agree to it. In some instances, one partner may have the personal resources to make a loan to the business. Partners should decide on the terms and draw up an agreement for repayment.Choosing a Business Structure
Review the possible options for structuring your business. An LLC, S corporation and C corporation all have advantages and disadvantages. Your tax and legal professionals can help determine the best business structure for your situation. Also consider whether your business will be structured so that partners share expenses equally, while profits are divided based on each partner’s contributions.What if Partners Disagree?
Differences of opinion are bound to occur, so consider having a plan for resolving disagreements. You may decide to designate one partner to make the final decision. Or you may want each partner to have final say in their area of expertise and then come together to make all major financial decisions.Make Sure You’re Covered
Partners should invest in an umbrella insurance policy that includes liability, property and casualty coverage. Coverage for errors and omissions also protects you against claims of mistakes in professional services. Key person life insurance typically is purchased on the life of the owner(s) or another critical employee. The company is the beneficiary and uses the proceeds to cover the costs of hiring and training a replacement for the deceased person or to pay off debts and close the business.542810-6
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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