OK, Partner, We Better Sign a Prenup
| May 13, 2008 |  View for printing |
Like many marriages, business partnerships often end in bitter divorce. Close friends or family members assume their strong personal connections will make for ideal business relationships. They start businesses together with little planning and few ground rules, assured that their supposedly unbreakable bond will help them overcome any obstacles along the way.
Sooner or later, they discover the hard way that what's left unsaid or unplanned often leads to unmet expectations, anger and frustration -- and perhaps a realization they weren't such a perfect fit after all.
"It's important to recognize that even if you know someone in a personal context, you may not know them in a business context," says David Gage, founder of BMC Associates, an Arlington, Va., business-mediation firm. Mr. Gage is also author of "The Partnership Charter," a book that lays out the due diligence and planning process for prospective business partners.
By KELLY K. SPORS
Full Story: http://online.wsj.com/article/SB1210 ... ?mod=djemSB
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