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|Subject: Re: Another one bites the dust.||Date: 7/31/2003 7:42 PM|
|Author: InLivingColor||Number: 7917 of 14998|
Unfortunately, in this case, the brother in law had neither the skills needed to run the business nor the cash.
Which probably highlights the common tendency to throw good sense out the window when it comes to family.
Every time I have checked out a possible business to buy, some time spent on-site, learning how it works, figuring out if it's something I both want to do and could be good at, was part of preliminary discussions. Had I not already good professional ties with the person I sold my business to, I would have insisted on the same preliminaries.
Lesson being: even when it's family -- perhaps especially when it's family ... bring in the lawyers, the accountants, the professionals who are trained to make this type of transition.
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