19 Sep 2017
I often tell people that starting a small business with a partner is similar to a marriage. You share your hopes and dreams for creating a successful future with someone else. Frequently, you will spend more time and share more of your concerns with a business partner than you will with your spouse. So, what happens if things do not work out? What happens if you have to endure a business divorce?
Similar to the end of a marriage, you may experience emotions of loss, insecurity, fear, perhaps even betrayal. Beyond your emotions, you may have financial assets and/or liabilities to divide. You may have employees, customers, vendors who all need to be informed and potentially divided between the two partners.
The thought of this may now be making your palms sweat and your heart race. Have no fear; there are many things you can do now to prepare for the dissolution of your business, even if it never happens