OK, Partner, We Better Sign a Prenup

Posted by admin

May 24, 2008

Some interesting insight on the personal side of business, don’t be caught unaware and unprepared.

In 1997, first cousins Mark and Michael Ferdman founded a New York Web-design business with dreams of making it big in the dot-com boom.

Close confidants since they were young, they assumed they’d be natural business partners. But soon after the launch, resentment and frustration began to seep in. Mark, now 38, felt he did a disproportionate share of the work, while his cousin gave orders. Michael, 40, says he felt Mark was never comfortable having work delegated to him and “it was almost like I was doing the things he wanted to do.”

In 2002, Mark asked to be bought out and soon started his own competing design firm. Both businesses are alive and well, but the cousins don’t speak. READ MORE

For more information on establishing a partnership agreement for your firm contact: Chuck Roach

legal