Get it in (simple) Writing
We like to emphasize “simple” because it is critical not to become bogged down with endless paperwork, bureaucracy, and attorneys. This is too expensive, too time-consuming, and rarely adds significant value to deals. The bigger the deal, the more overhead you may consume—but don’t do so for small change.
Paperwork is an infamously tedious part of business. In fact, parties frequently procrastinate in completing paperwork to seal a deal, even when it has been negotiated ad nauseum. Usually, what you think is merely paperwork ultimately requires further negotiations that are nice in principle but contentious and time-consuming as they become more detailed.
Without upfront paperwork, you wouldn’t have a business plan, or you wouldn’t have documented Standard Operational Procedures, employment offers, web service contracts, and so on.
In addition, you can’t buy costly products and services without well-documented, signed term sheets or formal agreements.
So paperwork should be quick and efficient, not backlogged. Again, you’ll need to hire a good lawyer and someone who can help write or edit your documents to get you through these stages of business.
