No business owner enters into a partnership expecting it to end in divorce. But sometimes, despite the best of intentions, company partnerships do sour. If you end up 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 guard 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 company owns and what your previous partner is entitled to before moving forward.
Employees
You are going to also have to take into account the impact the divorce could have on your personnel. Sometimes, it might be necessary to let go of some personnel who are loyal to your previous partner. In other instances, you may need to institute new policies or procedures to prevent potential legal issues in the future. Either way, it's important to think about how the divorce will impact your personnel and take steps to minimize any negative impact.
Customers
Another thing to think about is the effect the divorce may have on your clients. Sometimes, customers might be faithful to your former partner and decide to take their business elsewhere. In other instances, clients may be unaware of the divorce and have no preference either way. It is vital to think about 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 (including cash). This may be a tough scenario if one partner has significantly more assets than the other. It is important to consider how the divorce will affect your company's finances and make sure you have a strategy in place to stay afloat during this difficult time.
Reputation
Lastly, you'll need to consider how the divorce will affect your company's reputation. As a result of the breakup, your company might suffer reputational damage depending on how public the split is. This is something that needs to be taken into account when deciding whether or not to proceed with a corporate divorce.
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