Jeffrey Mosher welcomes Laura A. Kane, Associate, Foster Swift Collins & Smith PC, Grand Rapids, MI, one of their 5 locations across the state.
Hear Laura and Jeffrey review how 50/50 business owners can avoid costly deadlocks with smart agreements, tiebreaker provisions, and planning, in this SoundCloud podcast shared below:
In the conversation with Laura, Jeffrey looked to find out:
- What is a tiebreaker provision, and why is it important in a 50/50 owned company?
- What problems arise when two equal owners disagree on a major business decision?
- What happens if a governing agreement contains no deadlock or tiebreaker mechanism?
- What types of disputes most commonly create deadlocks between equal owners?
- Hiring or firing executives
- Capital contributions
- Sale of the business
- Taking on debt
- Expansion plans
- What are the most common tiebreaker provisions used in shareholder agreements and operating agreements?
- Many business owners focus on how to start a company. Why is planning for disagreement and deadlock often just as important as planning for success?
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