February 5, 2015
They say that “fools rush in where angels fear to tread,” and the same applies to raising capital for your business from friends and family. The personal relationship should act as an extra warning flag to you that such transactions should not be treated lightly or casually. When times are hard and other sources of available credit dry to a trickle, friends and family can be a lifesaver. But whether the funds are offered to you – or you affirmatively ask for them – take them with caution. The following tips will help smooth the path and make sure everyone gets a fair deal. 1. Put it in writing. Yes, we’re lawyers, but this is an area where you do NOT want to rely on mentally “being on the same page” as your cousin or sorority sister. Any “he said, she said” disputes will never be “just business”. If anything goes awry, you’ll never stop hearing about it at family (or college) reunions. Also, having certain provisions in writing can prevent wrangling with your…
Continue ReadingOwning a successful business takes lots of different knowledge and know-how to get it running smoothly—which includes avoiding risks. Yet many entrepreneurs forge full steam ahead without professional legal advice … for a variety of…
Read MoreIn the last few videos, I’ve been talking about how to handle difficult clients. Tacking on an “aggravation surcharge” when they demand more than you agreed. Or require a miraculous turnaround time. Those are uncomfortable…
Read MoreQ: I have a business partner (“John”). He is majority shareholder with a 55/45 split. We act primarily as a subcontractor for a small number of other companies. We do not have an operating agreement. We…
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I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.
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