The most expensive lesson of my career cost me roughly two and a quarter million dollars and a friendship. It fits in five words: always get everything in writing.
It doesn’t matter how much you trust the person going in. It doesn’t matter if you’ve known them for years, if you’d trust them with your kids, if you’ve built something incredible together. Get it in writing.
Trust isn’t the problem
When I say this, people hear cynicism. It’s the opposite.
Writing things down isn’t about assuming the other person will lie to you. It’s about recognizing that two good people can remember the same handshake in two completely different ways — especially once real money shows up. Memory bends toward self-interest. That’s not a character flaw; it’s being human.
A written agreement protects the relationship as much as it protects the deal. It means nobody has to be the bad guy later.
Integrity is clarity
I’ve come to believe integrity has two halves:
- Doing what you said you’d do. Most people stop here.
- Saying it clearly enough that it can be done. This is the half that gets skipped.
If your commitments are vague, you can’t keep them — not really — because nobody, including you, knows exactly what was promised. Clarity is a gift you give the people you work with.
What I do now
At Power, we put it on paper. Partner agreements, compensation, roles, decision rights, what happens if things go well, and what happens if they don’t. Especially what happens if they go very well — because, in my experience, success breaks more partnerships than failure ever does.
It can feel awkward to bring it up with someone you love working with. Do it anyway. The awkward conversation now is a lot cheaper than the one you’ll have later.