Breaking Up Is Hard To Do

Breaking Up Is Hard To Do

Thomas Kinslow still sighs in resignation when he talks about the breakup, even though it's been years since the split.

After starting a business with two friends, the venture wasn't proceeding as they'd planned and Kinslow wanted to end the partnership. Because there were only verbal agreements, the wrangle over who owned what began, and the result was a nasty series of arguments and, ultimately, the loss of the friendships.

When Kinslow started a new firm, toy company Dewey Does, in Staten Island, N.Y., he was happy to sign on some partners, but he applied what he'd learned from previous experience first.

Find out how to write a partnership "pre-nup."

Read: Breaking Up Is Hard To Do.

Contact your Tax Pros representative for more information on protecting your business and partners. We can show you how to setup a "buy-out" fund to support an exit strategy. It will keep the business viable if a strategic partner leaves the company.

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