Business Divorce: Understanding Its Dynamics and Formulating Solutions
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Being in business with another party or parties is a marriage. As in any marriage, different people approach things in different ways. It is therefore important to provide for governance, succession planning, and exit strategies for participants at the time the business is formed and to memorialize these provisions in a written agreement updated as circumstances change.
The purpose of Business Divorce: Understanding Its Dynamics and Formulating Solutions is to point out—and offer to lawyers, accountants, and other business advisors to privately owned businesses a discussion of—the practical, legal, and psychological issues most commonly present in a business breakup, as well as methods of resolution and preventative approaches to the problem.
The book's title deals with two situations—preventative measures that should be taken at the time of formation and the most common issues involved when the situation has passed the point of no return. It also discusses valuation issues and issues common in structuring the divorce, as well as issues in the methods of resolution.
This is an ideal reference for anyone working with with clients in closely held businesses—partnerships, limited partnerships, limited liability partnerships, limited liability limited partnerships, limited liability companies, and corporations.