What happens to a business when a family relationship sours? A couple breaks up? Friends fall out?
Each of these scenarios could leave you in a potentially similar situation to what the world press is predicting for the former power couple – possibly surprised, upset and in a fight over assets.
If you own a business with anybody else, have you got adequate protection if something goes wrong?
Most people don’t start relationships with the end in mind but when it comes to business, the best approach is not to make it personal.
Always get the best professional advice possible, ensure you do due diligence and make sure that all possible scenarios are thought out, documented and signed by all parties. Risks and rewards need to be agreed and acknowledged upfront as do appropriate exit strategies.
No matter how well-meaning our intentions are, or how sweet our honeymoon period, circumstances can change. If you go into your endeavours with your eyes wide open, then hopefully if you need to exit unexpectedly, it doesn’t have to be front page news.