Really need advise!

[limitless84]

Ok so my friend has a buddy that runs his own p and c agency. Me and a few guys have years of high production and have pooled our resources to get some good life contracts from An IMO. The contracts we can get are higher than the one his friend can get because we have the production credit. His friend wants to use our production credit to get high contracts but have it under his legal entity and still pay us the same amount commission that we would normally get on our own. His thoughts are he won't make any money unless we cross sell his p and c clients with life and we do a commission split. Also he thinks we will naturally drum up some additional p and c business as well. So basically he want us to start a life division of his agency using our numbers. Advantage to us is we get to cross sell his 10000ish client plus agency.

My question is does anyone see anything wrong with this?
Would there be any possible problems with this that I might be blind to?

 

[bluediamond]

If he wants to start a life division and use you for higher contracts and both of you will bring business to each other's side of the business, then that sounds like a partnership, where a contract between the two of you should be signed.

 

[WinoBlues]

Who owns the business and renewals when this partnership ends. Do you have equal votes on how to run the Life Division?

 

[limitless84]

We are vested from day one and keep all of our own renewals. Is there anything I am missing?