April 29, 2019
From Scotland, a cautionary story that is relevant to millions of business partnerships over here: What happens when a key person in your business, such as your business partner, becomes seriously ill, disabled, or dies? Do you have a Plan B? A contingency plan to ensure that your company can continuing functioning? In this reported case, a member of senior management was killed in an accident. The company had no meaningful continuation plan and no insurance in place to handle the buyout or the interruption of the business. The company never recovered from the blow and closed its doors nine months later. A written business partnership agreement can help plan the transition by addressing (1) when disability (or other buyout situation) kicks in, (2) how the affected business owner’s ownership interest will be valued, and (3) the orderly transfer of business ownership. But that’s not all there is to it. It’s hard enough to get business owners to come to the table to create a partnership agreement. Even fewer take that next necessary step of securing the…
Continue ReadingA key factor in getting paid by your clients is taking on the right clients to begin with. Yet, even assuming you’ve figured out your target market and what you can provide, there emerges that…
Read MoreYour plan needs to outline two things: how you’ll grow and how you’ll manage financial risks. I was all set to write a column on business planning, employing Gen. Dwight D. Eisenhower’s overused quote, “If…
Read MoreFrom north of the border (Canada) comes some really great advice to help get you jazzed for the upcoming holidays: Find things to celebrate! Yes, you may already be looking back on 2009 as a…
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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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