March 21, 2015
Now I’m not going to summarize the whole of Christopher Mercer’s book on Buy/Sell Agreements for you, but he raises a lot of valuable points that bear repeating (and sharing). First is an answer to that very question: why bother with a buy/sell agreement? Because, as Mercer writes, “they are designed to provide objective means of transferring ownership under difficult circumstances.” And that’s what you want when tensions are high: for cooler (objective) heads to prevail. Think about it. Any time an owner needs to leave a business, it’s a rough situation (even if you’re glad to see the back of him/her). Imagine how you’d feel if your business partner: Quit Retired Became disabled Died, or Simply had to get the boot, whether because she was an idiot, or, more sinisterly, had her hand in the till Chances are, you’ll be dealing with some level of shock, anger, resentment, envy, fear, or frustration (or some combination thereof) in addition to needing to work out the business terms. That combination is usually a volatile one. If…
Continue ReadingIn this challenging economy, I’m seeing a lot of entrepreneurs begin to re-evaluate their business . . . and, in particular, their business teams. When business is going well, it’s easy to overlook the flaws…
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 MoreI attended a business roundtable just before Thanksgiving. We were asked: “What’s one of the biggest obstacles you’ve encountered growing your business?” The answer: Spending years targeting the wrong audience. Trying to generate revenue from…
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