Disputes

Family.  You can’t live with them; can’t live without them; most assuredly, want to pull your hair out working with them (sometimes). Family businesses are delicate creatures, and as James Lea (via Marian Banker’s blog) points out, trying to effect positive change takes honesty, courage, and willingness–characteristics often in short supply. I briefly worked with […]

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“If it ain’t broke, don’t fix it,” is the attitude many entrepreneurs bring to their business partnerships.  If you’re turning a profit, who cares if it’s done by treating your partner badly, or by your sacrificing weekend after weekend to churn out the work? You should. As Alexander Stein points out in his Fortune Small […]

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Here’s one last issue that Chris Mercer raised in his Buy/Sell Agreements book that I want to share with you. Once you have (1) decided when an event triggers a buyout, and (2) computed how you’ll fund the purchase, you need to determine who gets to make the purchase and how you’ll come up with the […]

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When business is going well, it’s easy to overlook the flaws and peccadilloes. Partly because we want to ride the prosperity wave. But when the wave crashes, and you’re dumped onto the beach with the seaweed, the broken shells, and the flannisters (you know, those plastic yokes that hold six-packs together), are you really shoulder-to-shoulder […]

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Post image for Keep Lawsuits Off Your Back

The best way to handle a lawsuit is to avoid getting into one.  Rare is the small business that has the funds set aside to pay for the lawyers (and possible judgment) of a lost case–heck, these companies often can’t afford to pay their owners a regular salary! So how do you keep lawsuits off […]

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Post image for Have Your Collections Policy Ready

If you don’t want to get stiffed, know ahead of time how you plan to collect on overdue receivables. In any economy, there’s only one thing worse than not having work to do. That’s spending the time and effort to do the work . . . and still not getting paid. Frankly, I’d rather be sitting around […]

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Post image for Basic Training: Does Divorce Litigation Affect a Business Partnership?

It’s said that more than 40 percent of all marriages in this country end in divorce.  So there’s a not-insubstantial likelihood that your business could be affected by divorce . . . even if you’re not the one divorcing.  Here’s today’s query: Q:  My partner’s ex-wife is suing him for a large amount. Can it […]

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“Do the ends justify the means?” is an age-old philosophical query. Melissa Thoma (a sister WomenEntrepreneur.com columnist, I might add), poses a similar question in her article, “Master the Art of Partner Negotiation.” Is the outcome of a negotiation as important as the process? “Couples get so caught up in claiming their space on the lifeboat […]

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From the Department of Cautionary Tales comes this instructive story from Richard Fox on the Kauffman (sadly, no relation — not even spelled the same way) Foundation’s Entrepreneurship site. It’s the story of a partnership turned very ugly.  Betrayed by the partner who tried to sell out from under him on the day of his […]

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Q.: I own 51 percent of an LLC. If I plan to split with my business partner what am I responsible to pay him?   Read on to find out . . . !

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