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Business Partnerships
Checkout this link to an article in the New York Times about business partnerships written by Abbey Ellen, in which I am quoted. "With Oscar and Felix as Co-Founders, Does a Company Have a Chance?" Jean Sifleet, a business lawyer in Clinton, Mass., has seen dozens of partnerships break up over the 30 years she has been working in her field. The No. 1 reason is that “they fundamentally cannot resolve differences,” she said. Typically, the issues play out around money and power. Ms. Sifleet often interviews people who are considering going into business together. To get a sense of whether there is a good fit, she asks a series of questions about their goals, ambitions and expectations. What does each partner bring to the table? What are they expecting from each other? “A warning sign is if the partners all want to be president,” she said. “If they all want to be in charge and can’t agree on roles and responsibilities, a power struggle is ahead.” She also asks where they see the company going. “Often, one person assumes that they’ll do this for five years and then sell it, while the other thinks they’re doing it for the long haul,” she said. “If one partner sees the business going public and the other sees it as closely held over the long term, there’s a fundamental difference that will cause conflict.” As you can see from the article, business partnerships are complicated and each one is unique to the people involved. This is an area in which I have extensive experience. I welcome referrals to people forming business relationships as well as business owners interested in working out exit strategies. Sincerely, Jean D. Sifleet, Esq., CPA 120 South Meadow Road eNews
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