How partnership terms are agreed
Terms come after the owner accepts your application and you have seen the books. The owner sends the first version from the listing’s terms, you counter or accept, and each answer is a new version in one chain until both sides agree.
The five terms
Every version also states what you are responsible for and the time it takes. Both are required on every version, even where the listing left them open.
Cash and sweat
Equity follows the buy-in: cash transfers at close, and sweat vests. On a $150,000 buy-in split evenly, $75,000 is paid at close and $75,000 vests over the vesting term. An all-cash buy-in vests nothing. An all-sweat buy-in is $0 cash, with the whole buy-in earned by running the business.
Revanu sets no vesting start. The agreement you sign sets it.
The first version
Once the owner accepts, the owner sends version one, written from the listing’s terms. No version carries an answer-by date, so nothing lapses while you read it.
Countering
A counter is a new version in the same chain: change any of the terms and send it back. One version waits for an answer at a time. Only the side that received it accepts or declines it, and only the side that sent it can withdraw it.
Agreed
Accepting a version agrees the terms, and the chain keeps every version that led there. The partnership itself is signed between you and the owner, in an agreement that sets the vesting start.