needbizhelp
New Member
I think I need a unique type of contract and don't quite know where to look.
I am in Texas. I have been developing a new business for about a year and have been working with a potential landlord. The business will require considerable acrerage and capital improvements on the property. The potential landlord owns the acrerage now, and is willing to build the necessary improvements for the operation.
The owner of another local business of the same type I am starting is in need of a new location for his operation. I want to explore working together with this business owner (equity partners in a Corp, LLC, etc.). His business is longstanding and profitable, and partnering in some fashion would almost entirely elliminate the capital I would need to acquire operational assets ($200K). I feel it would serve everyone's purpose to strike a deal. He has everything needed to operate but needs a new place to do business. I need operational assets and have a location already researched and loosely negotiated with an enthusiastic landlord.
To protect my investment of research and my relationship with the landlord, I need an agreement with this business owner. Specifically, I need an agreement that prohibits him from conducting business with this lanlord without my consent. Otherwise there would be nothing stopping him from simply working around me to secure the location, leaving me out of the deal I began in the process.
The exact terms of our agreement are negotiable and have not been hammered out. We have reached the point in our discussions where I need to give him more details about the location I have secured, but don't want to divuldge some things he needs to know (like where the location is). Hence my need for an agreement of some sort.
My attorney said this would be a very unusual contract and would require extensive research at considerable cost. Thought I'd get opinions before proceeding.
All help appreciated.
NeedBizHelp
I am in Texas. I have been developing a new business for about a year and have been working with a potential landlord. The business will require considerable acrerage and capital improvements on the property. The potential landlord owns the acrerage now, and is willing to build the necessary improvements for the operation.
The owner of another local business of the same type I am starting is in need of a new location for his operation. I want to explore working together with this business owner (equity partners in a Corp, LLC, etc.). His business is longstanding and profitable, and partnering in some fashion would almost entirely elliminate the capital I would need to acquire operational assets ($200K). I feel it would serve everyone's purpose to strike a deal. He has everything needed to operate but needs a new place to do business. I need operational assets and have a location already researched and loosely negotiated with an enthusiastic landlord.
To protect my investment of research and my relationship with the landlord, I need an agreement with this business owner. Specifically, I need an agreement that prohibits him from conducting business with this lanlord without my consent. Otherwise there would be nothing stopping him from simply working around me to secure the location, leaving me out of the deal I began in the process.
The exact terms of our agreement are negotiable and have not been hammered out. We have reached the point in our discussions where I need to give him more details about the location I have secured, but don't want to divuldge some things he needs to know (like where the location is). Hence my need for an agreement of some sort.
My attorney said this would be a very unusual contract and would require extensive research at considerable cost. Thought I'd get opinions before proceeding.
All help appreciated.
NeedBizHelp
