“In times of unprecedented disruption, business owners should ensure that they have carefully documented agreements that govern their business and what happens next.”
Starting your own business is exciting. Finding the right partner to share the same vision is vital for the company’s future success. However, people don’t always see eye to eye when it comes to important details like finances, marketing, and a strategic business plan. Throw in a global pandemic to turn the economy upside down, and things become even more complicated.
Rise to the Challenge
Lately, business partners have had to face unusually significant challenges due to the effects of the COVID-19 pandemic on business operations and revenue. With uncertainty continuing to loom over our economy’s future, those challenges are likely here to stay for a while.
Fortunately, some companies have been able to find relief during this stressful time through government stimulus checks, insurance claims and other types of aid. On the other hand, many have faced roadblocks, causing disagreements between partners and their visions for the future. The added disruption brought on by COVI9-19 has led some to a business divorce, which is more easily managed when there are clear contractual agreements in place. Without such comprehensive agreements between owners, businesses are in danger of failing.
Luckily, a business agreement between owners can help by providing a structure for