I’d like to take a moment to talk about disparate or unequal ownership shares in a business. Over the last couple of months, I’ve encountered a couple of family businesses as current and potential clients. It is common for a one owner to give a smaller share of...
I recently had an interesting meeting with a potential client. This gentleman was preparing to set up two businesses with partners that were family members. Family partnerships and family businesses are tricky. I often mention that if you are planning to go into business with family, there are a...
TIn a previous post I talked about issues related to the death of a partner and the difficulties that can surface if the partners have not discussed a business succession plan at any point. Today’s post is also somewhat morbid. This time we are talking...
For the past several weeks I’ve been talking about partnership agreements and how to legally structure a partnership. But, this post is a little bit different. It’s a little more personal and frankly a tad morbid, I suppose. I’ve been working with a client, two partners...
This month we are looking at partnership agreements. We are doing our best to make sure these concepts are not scary for you. We want you to be a part of your partnership agreement and make sure your voice gets heard in these major business decisions....
What happens if business partners need to split? What if they need to sell? How can partners maintain control of a company as people get married, divorced, or pass away? These are serious questions that are a reality for many business partnerships. Before we jump...
In this post we are going begin to to dive into partnership agreements. If you’re interested in other partnership topics you can check out this post on communication and dispute resolution, this post on exit strategies, and this post on important questions to ask. This...
With this post and a series of post that will follow, we will be talking all about partnership agreements. What are they? Why are they important? What needs to be included? Before we get started, I’d like to make it clear what partnership agreements are...
Over the past several posts I’ve talked about some of the large scale things partners need to discuss before going into a partnership arrangement. We talked about things such as communication skills, exit strategies, who is bringing what to the partnership in terms of money,...
One of the most important functions of any contract is identifying and managing risk. Most people prefer to avoid confrontation. With conflict avoidance comes a reluctance to address what could go wrong that could possibly ruin a relationship. But, identifying and managing the risk is...