If someone has started a successful business, they very likely want to see that company continue operating even after their death or retirement. The creation of a succession plan allows a business owner or executive an opportunity to pay the way for the next...
Business & Commercial Transactions
3 steps to decrease the conflict in a partnership buyout
Some business partnerships last for decades. Others start to struggle shortly after they begin. While people may have intended to run a company with their business partner for years or even decades, they may eventually need to propose buying out their partner or ask...
The benefits of mediation for solving business disputes
Disputes between business partners are inevitable. Each partner has their own point of view and their own way of doing things, which naturally leads to clashes between them. However, these disputes do not have to mean the end of the business relationship between the...
3 ways to make a company more appealing to potential buyers
Selling a business is a consequential transaction that can take numerous months to complete. It may involve intense negotiations regarding the price and the terms set and could end up falling through for many different reasons. Any entrepreneur or executive tasked...
Considerations when leaving the business to multiple children
Family business owners often hope to pass the business on to the next generation. If you simply have one child, this may be a relatively uncomplicated process. Once you know that they want to take over the business, you train them to do so and then help them...
3 reasons family businesses fail
It’s actually very uncommon for family businesses to have any type of sustained success. Generally, they don’t make it past the third generation. Many of them don’t even make it past the second generation. But if you’re a business owner and founder, and you’re looking...
Potential complications when a business partner wants out
Ideally, if your business partner wants to leave the company, you will be able to find an easy way for them to do so. Maybe they’ll help you find a replacement, for example, or maybe they’ll agree to take a background role and not leave entirely. It all depends on the...
5 tips to resolve partnership disputes
Business partners often have strengths in different areas that they can pull together to run the company. Even the best partnerships will sometimes have disagreements that need to be resolved. A partnership dispute can have a negative impact on the business. It’s...
Contracts are crucial for couples starting a company together
It may seem like there is no better choice for a business partner than your spouse. After all, they are someone you already trust unquestionably, and you may have a good idea of their intelligence and work ethic. Beyond that, you may know that the two of you do a good...
3 important steps if you want your child to take over the business
Your business may be your most valuable piece of property and also your primary source of income. Maybe you started the business yourself, or perhaps you inherited it from your parents. Now that you are starting to think about retirement, you would like for one of...