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Spotlight on Friend of the Foundation Sponsor
bizdisputeattorney.com
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In February we ran the first Spotlight on Friend of the Foundation Sponsor, bizdisputeattorney.com, owned by Kim Childs. Ms. Childs was the first business to become a Friend of the Foundation sponsor and she (and her family) attended several of the Foundation-sponsored events.
In this Spotlight, we are featuring additional insight uncovered during our interview with Ms. Childs. Below you will find valuable tips for business partners on how best to avoid needing Ms. Child's services and what to do when you have no other choice.
What tips can you offer business owners to avoid ending up in your office?
The number one tip I recommend to business owners before entering into a partnership is to make sure they have an exit strategy should they encounter problems down the road. The exit strategy should provide a detailed roadmap for getting out of the partnership and is designed to help prevent legal action. When coming up with the terms of the exit strategy, I recommend following a "Chocolate Cake" rule.
What is the Chocolate Cake rule?
It's something I use with my kids when there's only one piece of cake left - one child gets to cut the piece of cake and the other gets to choose which piece they want. This way the child who is cutting the cake will make sure the slices are as even as possible because they know the other will pick the bigger piece. It keeps things fair and honest.
Do you help clients create an exit strategy?
No, an exit strategy is typically written by the partners and then executed by the lawyer(s) that represent the company. I represent the business owner, not the company.
What advice do you offer business owners who cannot avoid legal action?
If there is still a chance to avoid legal action, we offer a flat fee consultation. This consultation will include a review of the governing documents and an interview with the client to identify the root of the problem. Once these steps are completed, we can determine whether or not the individual can try to resolve the situation on his or her own. In the event a lawsuit has already been filed, the individual really has no other recourse but to seek legal representation.
While no one anticipates needing a business dispute attorney when entering into a partnership with people who know and trust, it is good to know there is somewhere you can turn if things should go awry. The Foundation would again like to thank Kim Childs and her family for their support of our school!
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