24 May Business Exit Stories: 50/50 Is Not Always Nifty – Partnerships That Don’t Work
A family operation with three kids never had a disagreement while mom, the matriarch of the family, was around. However, when she unexpectedly passed away, the kids spent the next 10 yrs. and $5M in legal fees trying to sort out their differences.
A rags to riches saga where a family business, again with three kids, was devastated when the US Gov’t facilitated the confiscation of their business.
Sometimes succession planning is just not possible because of the personalities that exit within the family – and in this case, how a sociopath can create a literal wall to getting any succession planning done.
Why 50/50 partnerships are not so nifty and how to avoid a deadlocked decision-making situation that can destroy a business.