There were many suppliers of stainless steel glasses from India. In my first deal, since I had taken the samples from Mr. Vishnu Goyal, it was ethical on my part, to buy the products from him.
After executing my first order of $84,000, I felt that I had scope to expand in this business of stainless steel housewares and was worth a try in this range of product whole-heartedly. If I made sure of maintaining quality and price, it wouldn’t be difficult to take a lead in the Middle East in this trade.
In my initial deals, I found Vishnuji very trust worthy, honest and sweetly cooperative. When I brought up the idea of making stainless steel housewares products as a regular export range, he consented to be associated with me.
Normally the next step would be to sign a partnership agreement defining the business relationship between us. But I wanted to try non-conventional method. In many cases, misunderstandings come up because of interpretation of what was written in documents. These disputes start, extends to legal battles and aggravate to a level where the business cripples down to closure. But if nothing is written, both the parties had to be reasonable and not greedy. Knowing that nothing has been written down, they figure out a practical solution together.
Yes, doing business without written agreements is dangerous. The written agreements could be restricted to where there is slightest doubt on trust or if the Law needs it.
This was one of the experiments I wanted to try in my business. We trusted each other and hence suggested Vishnuji that we would have an understanding and avoid a written agreement. Both of us agreed willingly. We mutually understood our roles, financial arrangements and the nature of decisions each of us would take independently and those which needed joint decisions.
We were ambitious but not greedy. Both of us believed “if I am destined to get something, it is bound to come? If it is not destined for me, how will I get at all?”. It is now over 25 years since that arrangement. There isn’t a single word in writing till today. We have executed many multi crore value orders over the years. Touch wood, there have been no disputes. Of course, there have been differences of opinions very few and far between, for the good health of the organisation. When such differences come up, we have a lot of respect for each other’s opinion.
When friends in business ask me what is your relation with Vishnuji in business, I start thinking and I don’t get an answer even to myself.
We were able to maintain peaceful atmosphere between us. If Trust works, Peace prevails. And Peace brings better Prosperity.
Written Agreements can go wrong, but Trust always Cherish!
You have brought up a very excellent points , appreciate it for the post.
Wow! That’s a valuable lesson to learn .
Very good one sir. We should learn from your experience
I am also of the same opinion which you expressed in your this new Blog.
(authors comments: This is the content of email received from the associate referred in this Blog)