One of the most troubling things that can happen to a small
business is the divorce of one of its founding partners, or in the case of a
family business, the divorce of a company’s co-founders. If you’re a small
business owner contemplating divorce, there are a handful of things you should
consider before you begin the process.
1.
Be clear with yourself. Before you begin the
process, ask yourself what you’re willing to sacrifice, what you aren’t willing
to compromise on, and what costs you think your business can withstand. Also,
as the process begins and wears on, be prepared to continually reevaluate the
costs the divorce is taking on you and your business so that you can take
appropriate action.
2.
Find the right attorney. Make sure, before you
begin the divorce process, that your attorney understands what you want out of
the situation and what you’re willing to sacrifice to get it. If you don’t have
frank conversations with your attorney, you may end up spending unnecessary
time and money on the divorce process, which can ultimately hurt your business.
3.
Use additional resources. Many small business
owners surround themselves with a team of advisors — use them as you work
through your divorce. Financial advisors, mentors, trusted associates, friends
and family can all provide valuable insights during your divorce. Use them when
you need to.
4.
Hire experts. In addition to utilizing your
personal network and working with the right attorney, a business valuation
expert can help you save time and money when it comes to evaluating the value
of your business.
5.
Prepare for the lasting effects of the divorce.
The process may take a year or more, but the long lasting effects, both
financial and emotional, can take much longer, so be prepared to deal with the
continued effects.
Here’s
a useful article on the topic if you’d like to learn more.
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