The EntreLeadership Podcast Keys to Recovering from Business Failures
Jan 1, 2024
Topics discussed include: a business partnership with legal and financial issues, a homeless veteran's successful business and generosity, the importance of firing oneself as an entrepreneur, and Dave's philosophy on quitting and success. The podcast also covers bankruptcy ramifications in partnerships, supporting a homeless veteran ministry, the value of a written budget, and the brilliance of successful entrepreneurs.
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Episode notes
Partner's Bankruptcy Story
- Larry, a construction business partner, describes his partner's recent bankruptcy after a large inheritance.
- The partners lack detailed documentation on their business agreement, causing uncertainty about legal ramifications.
Handling Partner Bankruptcy
- Determine the type of bankruptcy filed (Chapter 7, 11, or 13) and understand Oregon's personal asset exemption.
- Consult a lawyer to navigate legal and financial issues and protect your business assets.
Moving Forward After Bankruptcy
- Dissolve the existing LLC and start a new company to avoid being tied to the bankrupt partner.
- Negotiate with the bankruptcy trustee to buy back assets, but don't involve the former partner.