May 9, 2021
Who said partnerships were easy? Part of the challenge is structuring your company so that it can function well in your absence — especially if that absence is a prolonged one . . . like, because of your death. What happens to the employees? What happens to your clients? As Jason Knott points out in his article, “Are You Prepared for Business Succession?”, there are a number of issues to think through such as: Estate taxes How business is generated (if it’s a result of your contacts and you’re no longer around, what are the likely fortunes of the company?). Employee and vendor loyalty And don’t forget having a clear plan for who will own the business and in which proportions when you’re gone. All of these issues are challenging — they’re heavy with emotion, potentially unpleasant, and not always simple to work through. But you needn’t go it alone. Your succession planning team — your attorney, accountant, business partners, and (if appropriate) consultants — all can help you figure it out. Want to learn…
Continue ReadingToday’s lesson: you can’t just “walk away” from a business partnership. Another submission from the Department of Horror Stories. “Marcia” started a corporation about 15 years ago. She and her former partner, “Dara,” personally guaranteed…
Read MoreWhen striving for a business goal, when is enough . . . enough? Or, as Kenny Rogers would sing, do you know when to hold ’em and when to fold ’em? More, on Daily Dose…
Read MorePartnerships can be tough under the best of circumstances. Communication gets garbled even when you’re sitting right next to your business partner. But can you imagine the challenges in having a business partner in another…
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