No business owner enters right into a partnership expecting it to end in divorce. But sometimes, despite the best of intentions, company partnerships do sour. If you find yourself amid a company divorce, there are some things you'll have to consider prior to moving forward.
Assets
First and foremost, you'll need to protect your company's assets. This includes everything from customer lists and proprietary information to physical property and cash on hand. It's important to have a clear picture of what your business owns and what your previous partner is entitled to before moving forward.
Employees
You are going to also have to think about the impact the divorce will have on your staff. In some instances, it might be necessary to let go of some staff who are faithful to your previous partner. In other cases, you may need to institute new policies or procedures to prevent possible legal issues down the road. Either way, it's important to consider how the divorce will impact your staff and take steps to minimize any negative impact.
Customers
Another thing to consider is the effect the divorce may have on your clients. In some cases, clients might be loyal to your previous partner and decide to take their business elsewhere. In other cases, clients may be unaware of the divorce and have no preference either way. It is vital to consider how your customers will respond and take steps accordingly.
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Finance
Another consideration is the financial impact of the divorce. In many instances, partners who are splitting up will also be dividing their assets (such as cash). This can be a hard situation if one partner has significantly more assets than the other. It is vital to think about how the divorce will affect your company's finances and be sure you have a strategy in place to stay afloat during this difficult time.
Reputation
Finally, you will need to consider how the divorce will affect your company's reputation. As a result of the breakup, your business may suffer reputational damage depending on how public the split is. This is something that must be taken into consideration when deciding whether or not to proceed with a corporate divorce.
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