During Queensland Small Business Month, we heard from Michael Polkinghorne at our Yeppoon event — a seasoned local banker who spent 18 and a half years running the Bank of Queensland franchise in North Rockhampton.

Among the many lessons Michael shared, one stood out for its clarity and relevance to every small business owner: the importance of having a clear, written partnership agreement.

Michael and his business partner Matt took the leap into business ownership back in 2006. With no formal training or blueprint, and limited support, they entered a franchise model that required them to learn as they went. What helped guide them through the uncertainty was a robust partnership agreement they’d put in place from day one.

That document outlined who held what shares, how decisions would be made, and what would happen if one partner chose to leave or sell their share. Over nearly two decades, it proved to be their roadmap — preventing disagreements, supporting buyouts, and helping them stay aligned during key decision-making moments.

As Michael put it: “Thank God we did. We went back, read it, and said, that’s what it says. So do we want to change it? No. And we moved on.”

In a world where many small businesses rely on verbal agreements and handshake deals, Michael’s experience is a timely reminder. A clear partnership agreement isn’t just a formality — it’s a foundation for trust, growth, and long-term success.