These Risky Decisions Could Sink Your Business

Today we’ll hear about:
• A family member that’s stealing from the business and yelling at family members in from of the rest of the team
• What you should take into consideration when integrating your remote team into one location
• A business owner who is considering suing one of their former clients for $1 million
• The six reasons why Dave Ramsey never recommends partnerships
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[@cocoanutte]

37:00 General Partnership LLC agreement terms: 5 D's: Death, Disability, Drug Use, Dis-interest, and Divorce. Plus, Retirement. Get a Term-Life insurance policy to address these 'what happens in the event of __ ?" things. EDIT: Add the valuation of the partnership - calculated at 4 times profit - salaries excluded.

[@DollarsMakeCentz]

Fantastic video!

[@USMC6976]

One of the points Dave didn't bring up on the Call with brother/sister problem, is "Does taking over" mean you own the firm 100%? When Dad dies, does the sister get 50% ownership? It is possible that Dad is letting his daughter use a company credit card for personal items as a way to equal compensation between daughter and son.

[@tetrabromobisphenol]

Regardless, you cannot knowingly have an employee use a credit card for personal stuff if you plan for the business to remain intact for long. Crap like that tends to snowball and the entitlement grows until it pushes all of the competent employees out. Nobody who is talented wants to waste their career at a place where nepotism is the rule.

[@USMC6976]

@@tetrabromobisphenol yes you can in a privately owned business. There is nothing illegal or unethical about it. It's the owner's money and he can do as he wishes with it.

[@user-di4fb1qd1c]

You can do whatever youd like but that doesnt make it right. Justifying right from wrong based on your authority has no basis. If you as the owner steal money from your business its wrong. @@USMC6976

[@joeray3983]

@@USMC6976this breaks the corporate veil, meaning you are opening up the business to personal lawsuits and vice versa. It’s also poor business financial management

[@bwkeys87]

Sounds like the sister the first caller has some underlying issues that need resolved, possibly towards the Dad.

[@geomodelrailroader]

yup and thats the same way with my brother. My brother is my manager my dad is my boss, my mom takes care of the books, Sariah helps my mom, and all of us answer to my aunt who is the owner. Lately that has not been happening because of sibling rivalry. That needs to stop so the business can thrive.

[@USMC6976]

Or Dad is wanting to provide more to his daughter, since she's not as talented as her brother.

[@georgelane9738]

@@USMC6976 I agree, it is probably this. Lots of parents try to level the playing field for their kids because they think that is what they need to do to be "fair". Responsible children end up with less assistance from their parents as a result because the parents don't think they need it.

[@DisciplesCrossMaker]

Puke