No company owner enters into a partnership expecting it to end in divorce. But at times, 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 before 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 staff members. In some cases, it may be necessary to let go of some workers who are faithful to your previous partner. In other cases, you may need to institute new policies or procedures to prevent possible legal problems down the road. Either way, it is vital to consider how the divorce will affect your workers and take steps to minimize any negative impact.
Customers
Another thing to consider is the effect the divorce could have on your clients. In some instances, customers might be loyal to your previous partner and decide to take their business elsewhere. In other instances, customers may be unaware of the divorce and have no preference either way. It is vital to think about how your clients will respond and take steps accordingly.
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Finance
Another consideration is the financial impact of the divorce. In several cases, partners who're 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's important to think about 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
Finally, you'll need to consider how the divorce will affect your company's reputation. As a result of the breakup, your business might suffer reputational damage depending on how public the split is. This is something that must be taken into account when deciding whether or not to proceed with a corporate divorce.
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