The pandemic has had a significant impact on private companies, so much so that many owners have had no choice but to part ways.
As we continue to reflect on lessons learned from the ongoing pandemic, this article offers valuable advice on how business owners can avoid worst case scenarios and reasonably dissolve the co-owned businesses they worked so hard to build.
Some of the key items the article touches on are the impact of decreased demand, supply chain disruptions, employment issues and others. Additionally, this article reviews the various ways to approach resolving disputes and the best practices for dealing with owner agreements.
Lastly, relative to dispute resolutions, the piece addresses which non-binding clauses should be added to agreements in the case that owners are deadlocked. This article was published by the ABA on November 9th, 2021.
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