3 tips if you continue to work for your buyer
In Show 114 – Fast Fix Monday – 3 tips if you continue to work for your buyer originally broadcast on Facebook Live on Monday 30 July 2018.
Today it’s our last show focusing on estate planning and retirement. We want to offer three tips if you choose to continue to work for the buyer of your business.
- Know that you are not the owner
This can be very difficult especially if you’ve run the business for decades. You are there to help, not to run things. If you are on an earn-out deal where you get a percentage of profit if the company succeeds it’s slightly different. The buyer is giving up some control of the business in that scenario.
- Attitude is everything
You have to be very careful with your attitude. If you’re just helping out you there to do just that. You don’t control the place. You aren’t the boss anymore. They have to make their own mistakes. If you are on earn-out and you have a poor attitude it can have major implications. You have to be ready to take that role on.
- Be a counselor to the buyer
You are there to help but also to offer your advice and experience. This is especially true on an earn-out arrangement. You want to maximize the advice you are offering.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.