September 19, 2013
From the Department of Naches (Yiddish for “joy”) and Brag, I was interviewed by Forbes.com on one of my favorite subjects: business partners. How to choose them, what to look for and what to put in your business partnership agreement (or shareholders’ agreement or operating agreement–whatever the form of your business). One of the tidbits I’m really glad made it into the article, “What to Look for in a Business Partner,” was the one stressing the importance of checking your partner’s credit history. It sounds “not nice” to ask such prying questions, doesn’t it? Here’s an ugly way the partnership can play out (I’ve seen it happen) if you don’t: Your company needs a bank loan. The bank checks the credit history of all owners (count on it). It refuses the loan because of your partner’s shaky credit history. You seek outside financing elsewhere. You can get it (e.g., credit lines) but your partner can’t (because of said credit history). To do so, you 1. mortgage the house or 2. provide a personal guaranty for…
Continue ReadingI’ve worked with many business professionals who really wanted to raise their fees. But they were concerned about losing clients, or having their pipeline dry up as a result. No question, there are lots of…
Read MoreFrom the “No good deed goes unpunished” department: Q: I deposited more than $20,000 into my business partner’s account under the impression that he would add my name to the new company and to the…
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