In this week's episode of the Emajin Golf podcast, Beyond 19th, we catch up with Stuart Wilson, a Partner at Nevett Ford Lawyers. Stuart provides valuable insights into what to look for when setting up shareholder and partnership agreements, business acquisitions, and divestments.

Nevett Ford Lawyers, a multi-practice firm that dates back to 1854, employs over 50 staff. Stuart is only one of 55 lawyers accredited specialists in commercial law by the Law Institute of Victoria and leads the firm's commercial practice.

From his extensive experience, Stuart offers thoughts for those entering formal business partnerships. He recognises that such partnerships are long-term commitments, so looking ahead and foreseeing potential issues is essential. Rather than relying on standard agreements, you should be prepared to be interrogated on specifics of your commercial intent so that a tailored agreement guarantees clarity for all parties involved, including:

• The reason WHY the parties are entering into business together
• What is the vision for the business and the timeline to succeed 
• Structural framework - how the business will operate, being clear on roles and decision-making process
• How are the funding sources formed to establish and the process for additional funds as needed 
• Dispute resolution processes - providing clarity on how issues will be managed and resolved
• The exit process - either one party sells, sell agreement insurance trust deed if there is a medical exit or approach to the complete sale and asset allocations

We learn a lot from Stuart's experiences, insights on networking, and his 4-ball dream team, which includes Michael Jordon, Tiger Woods, and his sons (currently 5 and 3, so a little wait, but good to know Stuart has them on the driving range already). Who is in yours?