4 Tips for Dealing with a Family Business in Divorce

Published on: 22 February 2018 Last Updated on: 24 February 2020

Divorce brings a lot of problems in every part of your life. However, it makes the situation by dividing a family business particularly complicated. Therefore, you have to be prepared and get the necessary help before you start any legal proceedings. There are no avoiding problems when managing a family business in a divorce. However, you can minimize them if you go about it right.

1. Study your papers very closely :

The first and most important thing to do is to get a professional lawyer to examine your business paperwork. They’ll need to see all agreements, contracts, and other papers that have some bearing on defining the ownership of the business.

Note that these examinations might prove to be very surprising. For example, you might find out that some of your distant relatives become stock owners of the company. To prepare for any nasty surprises and develop a strategy for managing possible problems, you need to determine what those problems might be beforehand.

2. Consult as many different lawyers as you need :

Employing the assistance of a divorce lawyer is essential when going through this process. However, in the point mentioned above, you might also need to consult a company lawyer with experience in family businesses.

You’ll also be facing other issues that might require specialized legal assistance. For example, the division of assets during a divorce usually means you’ll need to get a lawyer specializing in foreclosure. If your family business is home-based, you’ll need all three experts’ help. Therefore, it’s usually best to employ a law firm with a versatile team. In case you already have a company lawyer, connect them with your divorce attorney.

3. Talk to a counselor before making any major business decisions :

Roughly 95% of people who received marriage counseling state that they were extremely satisfied with the results. Note that this doesn’t mean they solved all their problems and chose to remain together. What counseling offers is assistance with finding the right direction to move on.

When it comes to managing a family business in divorce, partners usually need to decide whether one will buy out the other’s share or if they can work together. Many people are able to maintain a successful business relationship even after a divorce. A counselor is a person who can help you determine if that would be the right choice for you.

4. If keeping the business, do not make any changes right away :

If you are the partner who gets to keep the business, it might be tempting to ‘bury yourself in the work’. However, you should abstain from making any major changes or improvements until your divorce is legally complete. Otherwise, you’ll increase (or decrease) the value of your assets. This will make it necessary to renegotiate the entire ‘division of assets’ balance and can prolong the legal proceedings. This might also lose you a lot of money in the future and at the very least increase the lawyer’s fees.

Managing a family business in a divorce is always a struggle. That’s why you shouldn’t rush and let your emotions dictate your decisions. Instead, focus on working through your current problems and get professional assistance whenever it’s needed.

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Cam Crawford Of CCU And Myrtle Beach, SC – Horry Councilman

Councilman Cam Crawford has done much for Horry County Council since 2017. He works hard to protect constituents' safety, facilitate business growth and keep Horry County moving forward. As an upstanding neighbor and resident, Cam’s got a lot going for him and has put a lot into the county of Horry over his career, so let’s take a closer look at some of his positions and actions. Who Is Horry City Councilman Cam Crawford? Cam is a native of Horry County and a proud Coastal Carolina University alum who strives to work on behalf of his fellow county residents in every way he can. Since 2015 he has served on Horry County Council (https://www.horrycountysc.gov/county-council) and remains active in local politics to this day. One of Cam's key issues has been making sure Myrtle Beach has enough police officers on the streets in order to maintain peace. With hundreds of thousands of tourists flocking each year to Myrtle Beach and elsewhere, peace of mind for visitors should always be possible when walking the streets or anywhere else within its boundaries. Cam has taken an interest in advocating for adequate school funding in his district - something which he feels strongly about as part of keeping communities strong and well. At Horry County Council, he has become an outspoken supporter of federal grant money received for flood mitigation. He frequently communicates to local media the importance of these funds being properly utilized; as part of keeping Horry County an attractive place to reside. Public Safety Public safety is an integral component of daily life, and Cam takes great concern in this realm as it ensures that his friends, neighbors, and people of the state of South Carolina can feel secure in their community, workplace, and daily activities - without it, you could put yourself or others at risk of serious harm or even death. Public safety concerns for any city, county, or regional jurisdiction include crime (from misdemeanors to felonies), structure fires, conflagrations, medical emergencies, mass casualty incidents, disasters, terrorism, and any number of concerns that arise - regardless of which issue arises - the goal is public safety. As said before, Cam prioritizes public safety as an integral aspect of his daily work, constantly considering ways to enhance life quality in his community and combat crime. He is an active leader in his community and has collaborated with other leaders to devise new approaches to combating crime. One such strategy involves increasing BPD foot and bike patrols in neighborhoods, making it easier for residents to work with police, and using technology, like red light cameras, to combat it. He also spearheaded the establishment of the monthly Community Police Forum, where citizens can share feedback about crimes they've seen in their neighborhood or make suggestions on how the BPD can better serve them. He made sure to meet regularly with citizens to listen to their concerns and offer solutions they could implement to deal with any problems that arose. Horry has become safer due to his public safety work. He believes that when people feel safe, they're more likely to become productive citizens who contribute positively and participate in society - particularly young people, who must learn how to be responsible citizens without engaging in illegal activity. Education Horry County boasts a sizable student population, and Councilman Cam Crawford hopes to facilitate greater interaction between these students and his City. He plans on implementing "Learn Here Earn Here", in which recent college and university graduates from nearby institutions could be offered incentives for staying local and hiring local residents; additionally, a grant program would be established specifically to encourage new start-up businesses founded by residents in Horry County. Cam is actively engaged with many local organizations as the leader of a community action agency, such as the Covington Business Association, St. Tammany Chamber of Commerce, Maritime Pilots Institute, and the City of Covington's Mayor's Council on Healthy Lifestyles. In addition to serving on Leadership St. Tammany Board as well as FBI Citizens Academy membership. Transportation Councilman Cam Crawford has worked hard as part of the Horry County Transportation Authority Board on several transportation initiatives, such as creating a bike path from downtown to Horry-Georgetown Technical College and to the beach. He spearheads Project CART, offering free rides to medical appointments and services throughout the county. He serves as co-chair of the County's Strategic Economic Plan and actively engages in economic development, business retention, and transportation projects across the region. Proud of serving his community he lives in District B with his wife and five children; is currently chairing two Council Committees Public Safety & Economic Development as well as Chamber of Commerce membership among numerous others. Economic Development Cam strongly believes economic development is one of the best strategies for revitalizing an area's economy, something obviously very important to South Carolina as a whole. Not only that, but Cam Crawford Horry Councilman takes great pride in serving his community and works to bring new businesses, jobs, and opportunities to the entire country. His interest in this field stems from both his education at Coastal Carolina University and his experience running local businesses. Furthermore, he hopes to improve programs designed to reintegrate former prisoners back into society. This is especially important as the inmate populations across the United States continue to climb amid economic uncertainties. Wildlife Horry Councilman Cam Crawford has dedicated his life to serving his home community of Horry County through public service and local politics. He wishes for its continual growth and development into the future. Horry County is very lucky to have him as their representative, who has done an exceptional job as a public servant and worked hard towards making their community safe and healthy for its inhabitants. He strongly advocates for using No-Kill as an approach to solving shelter issues at Horry County's shelter, saving taxpayers’ money while simultaneously saving healthy animals in its care. Cam takes an active role in safeguarding wildlife in his area, holding seminars about alligator living conditions as well as informing citizens on local laws and regulations applicable to such creatures. Read Also: How to Register Your Company in China Fast How To Grow Your Hospice Business In 5 Easy Steps How You Can Invest In Your Small Business

Things To Keep In Mind When Looking For The Best Facility Maintenance

The importance of a well-managed infrastructure in the success of a business cannot be underestimated. A properly maintained commercial property ensures efficient delivery of services, a safe and healthy working environment, optimum worker productivity, and customer satisfaction. It adds value to an organization, so it’s important to keep it in great shape. Unfortunately, facility maintenance, upkeep, and repair can take up a massive chunk of a business’ operational expenses. The good news is that service contractors are specializing in commercial property maintenance without straining your annual budget. Outsourcing this business aspect is a cost-effective alternative that comes with several other benefits. Many businesses are now adopting this business structure. In fact, the global facility management market was estimated to reach $1.314 trillion in 2018. With the help of reliable building maintenance services, costs are controlled, resources are maximized, standard services are delivered, and compliance with health and building codes is ascertained. How to choose the right facility maintenance provider? Facilities maintenance is an important part of your organization’s day-to-day operations. Once you outsource it with a third-party provider, the facilities management services become an integral part of your business. Their quality of service, whether it is good or bad, will reflect on your business. Working with the inexperienced or ill-equipped provider can lead to a horrible partnership that can adversely affect customer satisfaction, business operations, and revenue potentials. This makes it vital for businesses to choose only the best. Facility maintenance specialists at CSG share with us some things to keep in mind before zeroing in on a provider for your business. Reference: Any company can make an impressive marketing material. However, make sure to verify the claims of a potential provider. Ask for references that can vouch for the quality of services they offer. Training and experience: Employees of the facility maintenance provider become a de facto member of your company. They play an essential role in your business’ daily operations. As such, you want a provider with skilled, trained, and qualified personnel so that your clients get the best service experience. Furthermore, this should also ensure that they can execute their duties properly. Ask about development and training programs for service employees. Look for a company that considers continuous this a priority. Flexibility: Choose a commercial property maintenance contractor with a wide range of capabilities. A reliable facility maintenance services must be versatile and be able to respond to the ever-changing needs of your business quickly. This will ensure consistency in the delivery of services, efficient work processes, and reduced costs associated with hiring a different contractor. If your business is expanding, consider working with a company that offers scalable services or customizable plans and programs. Supplies and equipment: An excellent facility maintenance provider should be well-equipped with adequate and appropriate supplies and equipment. Check their inventory to validate their claims. This should help you assess their capability to meet your building maintenance needs. Verify the quality of the equipment and products they utilize. Management and leadership: This is a crucial aspect of any organization as it can have a significant impact on how tasks and responsibilities are accomplished. Poor leadership can lead to failed delivery of services. You want to know who will be managing the account. Explore their existing organizational culture and see how policies are utilized to achieve goals. Transition process: With proper risk management and transition plan, a change in facility maintenance provider could lead to disruption of services. As such, you want to check how the provider can guarantee a smooth handover and avoid any interruptions that could affect business operations. Insurance: To avoid any liabilities while their personnel is working on your premises, make sure to check their current insurance policies. Availability: Inquire about any blackout times in a provider’s schedule. Also, check about how they deal with sudden requests for additional personnel or new tasks. Certifications: Certifications such as CIMS Green Building, Occupational Safety and Health Administration (OSHA) compliant, and Cleaning Industry Management Standard (CMS) ensure competence and compliance of a prospective contractor. Inquire about the certifications that the provider currently hold. Read Also: How To Protect Your Business From Downtime

Lucrative Business Ideas to start Near Water Bodies

Living by the water is a dream that most people possess and would love to see actuated. One of the advantages of living in such locations(be it lakes, rivers, seas, or oceans) is the range of business opportunities you’re exposed to, the advantage is, you get to escape the city life(if that is your goal) and earn a living while at it. This article is designed to help you set up a business by the water by giving awesome ideas you can try out to make your dream come true. Remember that you can be scale these ideas depending on the amount of capital at your disposal. Coaching Water Sport Enthusiasts and Athletes For aquatics fans, this business is a dream come true. If you excel at a specific water activity and want to share the excitement and energy it provides with others, then try out coaching! You would be able to enjoy your favorite sport full-time while also assisting others in learning a new skill and seeing the sport through your eyes. You shouldn't have to go headfirst into this business if you aren't ready. You may simply create a timetable that works for both you and your clients. As for the scaling, this should be dependent upon a few factors; Market Research; client demographics, other competitors in the market, etc. The Location of the Service; this determines where you will conduct these training sessions and where you might be able to capture the attention of other clients The amount of capital at your disposal; could help set up the office, determine the size of the office/business facilities, and sort out the equipment you might need, among others. Accommodation Services Because they are frequently out on an excursion, numerous backpackers favor simpler lodgings over motels. If you have a home beachside or next to a lake, you may easily list it on Airbnb and earn money without even putting in too much work. If you already have more money, try purchasing or constructing a backpacker guesthouse. Attractive beaches are seldom, if ever, empty of tourists, and there is always a significant demand for accommodation. The benefit is that you could even list this home on Airbnb, depending on how much you want to charge for the room. Related Reads: What are the key pillars of a profitable Airbnb business? Fish Processing Businesses Fish processing is further classified into either fish handling, which is the early preparation of meat, or fish and fish product manufacturing. Another logical separation is between primary processing, which involves filleting and freezing seafood for delivery to fresh seafood retail and catering establishments, and secondary processing, which involves producing chilled, frozen, and canned items for the commercial and catering sectors. A good number of people consume fish oil products daily; hence it is a more lucrative business. For those with the financial muscle, consider setting up a fish oil processing plant. This will require a physical location, buying industrial ball valves, pipes, other industrial equipment necessary, and all other business-related considerations in the field. Set Up a Gift Shop Consider opening a gift shop if you possess a talent for handicrafts or visual art. You only need a suitable location with a lot of visitors and cash for your supplies such as t-shirt printers, materials for wallets, bags, and pouches, and so forth. It would be a fantastic opportunity to demonstrate your artistic talent while also being close to the beautiful beach. Just be careful not to reproduce another artist's copyrighted work. Consider also reselling face masks and hand sanitizers to visitors on the beach. For a better deal, consider building a healthy business relationship with a face mask manufacturer. Water Sport Rental It's time for the beach! Water activities are undeniably one of the reasons people visit the beach! Indeed, for some, it is the ultimate reason to visit the beach. Purchase some water sports gear and put up a rental business. It would be ideal if you or a member of your staff could also instruct individuals so that even newcomers or those who are afraid of the water activity would be motivated to give it a try. Consider this article on how to build a homemade kayak launch to your kayak hire clients get off to a safe start. If you have substantial capital or land by the water, consider setting up a dock and renting out spaces for those with boats. Culinary Business Beach resorts are among the most charming destinations, and you can guarantee that many couples might like to go on a passionate date night there. Establish a themed restaurant to be the spot where they would want to go. You may also attract non-couples and develop a theme that your target audience would like. You may choose a family-friendly atmosphere, a romantic atmosphere with a wonderful view, or a trendy hotspot for Millenials or gen z's. Regardless of the concept, a beachfront/lakefront café or restaurant is always an excellent choice. The Bottom Line Starting your own company near a water body doesn't have to be complicated. Make small steps toward your objective each day, and it might surprise you how fast you get to the goal. Simple stages might include saving money every payday for a source of finance you wish to start and gradually collecting the items you need for it. With that said, we wish you all the best in your waterfront business endeavors! Read Also: How To Reduce The Operating Cost of Your Business? Having Business in Foreigner Country, Advantages and Disadvantages Green Business Opportunities for Eco-Entrepreneurs How You Can Grow Your Small Business By Taking Help From Crypto 6 Steps to Starting a Business in Michigan

4 Tips for Dealing with a Family Business in Divorce

1. Study your papers very closely :

2. Consult as many different lawyers as you need :

3. Talk to a counselor before making any major business decisions :

4. If keeping the business, do not make any changes right away :

Why Lead Generation Is Essential For Business?

Get the Details on How Sferic Protect Can Benefit Your Business & Its Safety

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Cam Crawford Of CCU And Myrtle Beach, SC – Horry Councilman

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4 Tips for Dealing with a Family Business in Divorce

1. Study your papers very closely :

2. Consult as many different lawyers as you need :

3. Talk to a counselor before making any major business decisions :

4. If keeping the business, do not make any changes right away :

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Why Lead Generation Is Essential For Business?

Get the Details on How Sferic Protect Can Benefit Your Business & Its Safety

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related