Transcript WITHIN REASON: Five Common Disability Related Accommodations

The
Jointly Owned
Business:
Working with Partners:
Achieve Stability &
Avoid Common Pitfalls
Dinsmore & Shohl LLP | The Jointly Owned Business
Rick Porotsky
Partner, Dinsmore & Shohl LLP
Warner Off
Partner, Dinsmore & Shohl LLP
Mark Homer
CEO, Get Noticed Get Found
Jabez LeBret
CIO, Get Noticed Get Found
Dinsmore & Shohl LLP | The Jointly Owned Business
We’ll help you think about
Costs and benefits of working with a partner?
What non-business / legal issues can
cause things to ‘go wrong’?
What initial questions and planning
can help you avoid issues?
What can you do increase your
chances of a smooth exit?
The Importance
of a
Proper Agreement
Lack of a proper agreement
among owners causing initial problems
Real example: Get Noticed Get Found
Difficulties caused by lack of agreement
Dinsmore & Shohl LLP | The Jointly Owned Business
Starting a Business with Partners
Starting a business: Cash is King
What happens when
someone needs to
leave?
Dinsmore & Shohl LLP | The Jointly Owned Business
Leaving Partner
Other Partners
Perceived Value of the Business
Dinsmore & Shohl LLP | The Jointly Owned Business
Real lawsuit:
⨠
Vague agreement and misunderstanding
⨠
Some issues could have been prevented
Dinsmore & Shohl LLP | The Jointly Owned Business
Entity Creation and
liability protection
Protection of intellectual
property
Dinsmore & Shohl LLP | The Jointly Owned Business
Obtaining counsel
Documentation
Setting up an Entity
Provides framework for business
Protects you personally
Dinsmore & Shohl LLP | The Jointly Owned Business
Protect your IP and Assets
Don’t forget IP protection
Know who owns what
“Later” is too late
Dinsmore & Shohl LLP | The Jointly Owned Business
(Seriously…call your lawyer)
Individual vs. company issues
Formation issues
IP protection
And…
Documentation
Ownership
Voting/control
Exit rights
Valuation
Expectations/obligations
Dinsmore & Shohl LLP | The Jointly Owned Business
Issues in Exiting
the Combination
Dinsmore & Shohl LLP | The Jointly Owned Business
Real lawsuit:
-- Owner of a 40-year business
⨠
lack of contact for transition to new owner
⨠
loss of much of their equity
Dinsmore & Shohl LLP | The Jointly Owned Business
Real lawsuit:
-- Co-owner of an 8 year business
⨠
lack of contract
⨠
lack of accounting
⨠
contentious suit re: valuation / payments
Dinsmore & Shohl LLP | The Jointly Owned Business
Current success in
negotiating exit sale
⨠
Involvement of counsel for each side
⨠
Involving accounting and insurance
professionals
Dinsmore & Shohl LLP | The Jointly Owned Business
Profitably exiting your partnership
Rick Porotsky
Partner, Dinsmore & Shohl LLP
[email protected]
Warner Off
Partner, Dinsmore & Shohl LLP
[email protected]
Mark Homer
CEO, Get Noticed Get Found
[email protected]
Jabez LeBret
CIO, Get Noticed Get Found
[email protected]
Dinsmore & Shohl LLP | The Jointly Owned Business
Learn more at:
dinsmore.com
gngf.com
Dinsmore & Shohl LLP | The Jointly Owned Business