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The Jointly Owned Business: Working with Partners: Achieve Stability & Avoid Common Pitfalls

The Jointly Owned Business: Working with Partners: Achieve Stability & Avoid Common Pitfalls. Rick Porotsky Partner, Dinsmore & Shohl LLP Warner Off Partner, Dinsmore & Shohl LLP Mark Homer CEO, Get Noticed Get Found Jabez LeBret CIO , Get Noticed Get Found.

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The Jointly Owned Business: Working with Partners: Achieve Stability & Avoid Common Pitfalls

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  1. The Jointly Owned Business: Working with Partners: Achieve Stability & Avoid Common Pitfalls Dinsmore & Shohl LLP | The Jointly Owned Business

  2. Rick PorotskyPartner, Dinsmore & Shohl LLP Warner OffPartner, Dinsmore & Shohl LLP Mark HomerCEO, Get Noticed Get Found JabezLeBretCIO, Get Noticed Get Found Dinsmore & Shohl LLP | The Jointly Owned Business

  3. Costs and benefits of working with a partner? What non-business / legal issues can cause things to ‘go wrong’? What initial questions and planning can help you avoid issues? What can you do increase your chances of a smooth exit? We’ll help you think about

  4. The Importance of a Proper Agreement Lack of a proper agreement among owners causing initial problems Real example: Get Noticed Get FoundDifficulties caused by lack of agreement Dinsmore & Shohl LLP | The Jointly Owned Business

  5. Starting a Business with Partners

  6. Starting a business: Cash is King

  7. What happens when someone needs to leave? Dinsmore & Shohl LLP | The Jointly Owned Business

  8. Leaving Partner Other Partners Perceived Value of the Business Dinsmore & Shohl LLP | The Jointly Owned Business

  9. Real lawsuit: Vague agreement and misunderstanding Some issues could have been prevented Dinsmore & Shohl LLP | The Jointly Owned Business

  10. Entity Creation and liability protection Protection of intellectual property Obtaining counsel Documentation Dinsmore & Shohl LLP | The Jointly Owned Business

  11. Setting up an Entity Provides framework for business Protects you personally Dinsmore & Shohl LLP | The Jointly Owned Business

  12. Protect your IP and Assets Don’t forget IP protection Know who owns what “Later” is too late Dinsmore & Shohl LLP | The Jointly Owned Business

  13. (Seriously…call your lawyer) Individual vs. company issues Formation issues IP protection And…

  14. Documentation Ownership Voting/control Exit rights Valuation Expectations/obligations Dinsmore & Shohl LLP | The Jointly Owned Business

  15. Issues in Exiting the Combination Dinsmore & Shohl LLP | The Jointly Owned Business

  16. Real lawsuit: • -- Owner of a 40-year business • lack of contact for transition to new owner • loss of much of their equity Dinsmore & Shohl LLP | The Jointly Owned Business

  17. Real lawsuit: • -- Co-owner of an 8 year business • lack of contract • lack of accounting • contentious suit re: valuation / payments Dinsmore & Shohl LLP | The Jointly Owned Business

  18. Current success in negotiating exit sale • Involvement of counsel for each side • Involving accounting and insurance professionals Dinsmore & Shohl LLP | The Jointly Owned Business

  19. Profitably exiting your partnership

  20. Rick PorotskyPartner, Dinsmore & Shohl LLP richard.porotsky@dinsmore.com Warner OffPartner, Dinsmore & ShohlLLP warner.off@dinsmore.com Mark HomerCEO, Get Noticed Get Found mark@gngf.com JabezLeBretCIO, Get Noticed Get Found jabez@gngf.com Dinsmore & Shohl LLP | The Jointly Owned Business

  21. Learn more at: dinsmore.com gngf.com Dinsmore & Shohl LLP | The Jointly Owned Business

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