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With stock redemption agreements, on the other hand, the insurance would be written in favor of the company.One of the benefits of a buy-sell agreement is that, with the partners able to reach agreement, more innovative methods of solving the problem can be worked out and codified.We were so young then, 24 and 27, and so optimistic.And we quickly found that the journey from lovebirds and recreational cooks to food-truck entrepreneurs and serious partners wasn’t easy.

A year into the business, I decided to pursue a master’s degree in marketing, and John was totally supportive.

A memorandum of understanding (MOU) is a written agreement between two organizations that helps establish the ground rules for any partnership activities you choose to explore.

An MOU should outline what each organization agrees to contribute to a partnership, a timeframe for delivering the desired outcomes, details of exactly how each party will collaborate (e.g., regular in-person meeting, conference calls, written approval of all activities by both parties), and how the parties will authorize and pay for any costs incurred in delivering the desired outcomes.

MOUs are like contracts that define the way two organizations will work together.

While MOUs are technically legally binding, consider these documents as a tool to facilitate partnership and ensure a smooth working relationship between two organizations.

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