One of my favorite Broadway musicals is Jersey Boys. I’ve seen it five times and have had the pleasure of sharing it with many friends. Two of the lead characters, Frankie Valle and Bob Gaudio strike a deal to collaborate and share everything 50/50. They sealed their deal with a “Jersey Contract” – also known as a handshake. This happened in 1961, early in the group’s history – a time which brought us many, many hit songs including “Sherry,” “Big Girls Don’t Cry” and “Can’t Take My Eyes Off of You.” Their Jersey Contract thrives today, as does a bond of friendship between these powerful musical talents.
I recently entered into a Jersey Contract with the owner of a company. I’ve known him for a long time and always felt we had a bond that transcended business. I was thinking we’d be like Frankie Valle and Bob Gaudio.
I always joke that I like to break the rules and here I was, violating one of my own, which is to have a contract in every business relationship. Questions and issues that should have been covered in a contract came up and needed to be resolved.