UnThreaded | Threaded | Whole Thread (25) | Ignore Thread Prev | Next
Author: InLivingColor Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 14985  
Subject: Re: Another one bites the dust. Date: 7/31/2003 7:42 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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.

I'm InLivingColor
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (25) | Ignore Thread Prev | Next


Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.