Double Trouble
A well-drafted agreement can keep you out of court if your partnership breaks up.
If not for the divorce, the business partners might still be together. The two men had scraped together enough money to open a small pool supply store, which they built over 20 years into a profitable chain of 65.
But suddenly things got ugly. In the throes of a divorce, one partner decided he needed cash fast. Hoping to sell his half of the company, he found a group of investors who wanted the whole business. The other partner didn't want to sell; he offered to buy his partner out for less than the partner wanted. Instead, the partner who wanted out persuaded a judge to order the partnership dissolved, the assets sold, and his former partner fired for interfering with the takeover.
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