April 2, 2015
Deciding on a business partner can provide the key to a rewarding and successful long-term relationship. Rhonda Abrams’ USA Today article outlines a number of considerations to keep in mind. I know a number of entrepreneurs who raced into partnerships because they weren’t comfortable being alone — and, like romantic relationships, that’s usually not a strong enough reason to make it work. [Thanks to Marian Banker who brought this article to light in our Successful Business Partnerships LinkedIn group] To clarify something in the article, too: many lawyers will include both the “partnership terms” and the “buy/sell” terms into one agreement. If you wait to draw up the buy/sell terms (that is, your exit strategy and valuation of your share of the business), you could find yourself in a pickle if something happens before you’ve done it. As an example, I had a business client whose owners were “getting around to” discussing the terms of their agreement (not for any lack of prodding on my part). Only 18 months into the business, one of the owners, a…
Continue ReadingI know how it feels to have the rug pulled out from under you and not know which direction to turn. My younger brother contracted Hodgkin’s Disease when he was 9, at a time when…
Read More“It’s 46 degrees!” Joe squeals, on hearing the weather report. (To the extent that a grown man and former champion power lifter would actually squeal). “Let’s go to the beach!” “Why?” I ask, maybe a…
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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