July 2, 2021
Transitioning a business is never easy under the best of circumstances; having a family succession plan is even thornier. After all, you are entrusting your life’s work to people who, years ago, may have (1) stolen your boyfriend (or favorite party dress or Johnny Mathis album), (2) crashed the station wagon while carousing after a high school football game, or (3) been the family egghead who played Etch-A-Sketch at the dinner table and seemed to relate better to the dog. The serious business considerations mixed with family dynamics/emotions can result in a volatile cocktail. Here’s the goal: to make sure that you, the founder, get the financial security and value you want from turning over your business, while ensuring that the next generation receives a healthy business that will sustain them as they take it forward. How can you get there? Keep these key issues in mind: Know what it’s worth and what it will cost. Be fair and objective, as if you were selling the business to an outsider. Get outside…
Continue ReadingToday’s lesson: you can’t just “walk away” from a business partnership. Another submission from the Department of Horror Stories. “Marcia” started a corporation about 15 years ago. She and her former partner, “Dara,” personally guaranteed…
Read MoreChoosing the right business partner isn’t always easy. But thanks to Jeff Cornwall’s The Entrepreneurial Mind blog, I learned of PartnerUp (based in Eden Prairie, Minnesota). PartnerUp’s mission is to making history as the first…
Read MoreStrategic alliances. They’re great when used effectively to expand the range of your product or service offerings. They’re not so great when you collect them like Manolo Blahnik shoes, merely because, well, everyone else has…
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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.
With wide-ranging experience as a business attorney, strategist, and media authority, I bring the added power of a business lens to the legal issues my clients are facing.
And because I’ve been a business owner myself, I’ve lived through the soaring highs and devastating lows – like when my first law firm failed. So I understand what’s involved to serve great clients, detect business risks early and build a true legacy.
I can’t get those 12 years back. That’s why I have made it my mission to ensure that business professionals like you can become wise and discerning leaders, build a solid business, and live your best life.
