The EntreLeadership Podcast

These Risky Decisions Could Sink Your Business

Nov 27, 2023

Topics discussed include family dynamics in a business, navigating dysfunction in family businesses, choosing the right location for business growth, walking away from money owed, choosing battles and the essence of forgiveness, and creating a contingency plan for a business partnership.

48:50

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Quick takeaways

Creating a partnership agreement with provisions for valuation, buy-sell agreements, and life insurance is crucial to protect the interests of business partners in potential situations of death, disability, divorce, or retirement.

Establishing clear roles, setting boundaries, and maintaining professional behavior when working with family or close friends as business partners can prevent conflicts and maintain a productive work environment.

Deep dives

Addressing the Challenges of Partnership

The speaker discusses the challenges that can arise in a business partnership, particularly in the event of death, disability, divorce, or retirement. He advises the listener to create a general partnership agreement or LLC agreement that addresses these potential issues. The agreements should include provisions for valuation, buy-sell agreements, and the use of life insurance to fund buyouts. The speaker emphasizes the importance of seeking legal advice and drafting agreements that protect the interests of both partners.

Introduction

2min

Navigating Family Dynamics in a Business

7min

Addressing Dysfunction in Family Businesses

5min

Choosing the Right Location for Business Growth

11min

Walking Away from Money Owed

9min

Choosing Battles and the Essence of Forgiveness

3min

Creating a Contingency Plan for a Business Partnership

10min

Today we’ll hear about:

• A family member that’s stealing from the business and yelling at family members in front of the rest of the team

• What you should take into consideration when integrating your remote team into one location

• A business owner who is considering suing one of their former clients for $1 million

• The six reasons why Dave Ramsey never recommends partnerships

Links mentioned in this episode:

• The EntreLeadership Podcast

• EntreLeadership Elite

• Have a question for The EntreLeadership Podcast? Leave a voicemail at 844.944.1070 or submit your question for a chance to be on the show with Dave Ramsey: https://www.entreleadership.com/ask

Links mentioned in this episode:

• The EntreLeadership Podcast

• EntreLeadership Elite

• Have a question for The EntreLeadership Podcast? Leave a voicemail at 844.944.1070 or submit your question for a chance to be on the show with Dave Ramsey: https://www.entreleadership.com/ask

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