If the cause of your current business problems is related to an internal or personal dispute, it’s critical that you are able to keep everyone’s emotions in check to minimise the conflict and let clearer heads prevail.
The best way to do this is usually to have an independent body, whether it be a mediator or your trusted advisor or accountant, to act in the best interests of all parties.
You are looking for someone who’s impartial and who is able to listen to both sides. I see this situation a lot where I’m brought in to do a business evaluation for a divorced couple, for example, if they are preparing to go to court.
It’s not in anyone’s best interests to have both valuers represent both parties and go head-to-head in some kind of bidding war. It’s more sensible to have one valuer act independently for both parties, and come to an agreement as to what the business is worth and how to move things forward.
Having an agent or someone who can facilitate the conversations, and help to develop a plan of action, means you’re not having to personally deal with a lot of the emotions of a partnership breakdown or financial problems.
That’s why having someone independent to come in for that situation definitely helps.
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About The Author: James Huy Vuong is a CPA, Registered Tax Agent, Business Broker, Certified Exit Planner and the owner of Your Accounting Partners, an Associate of Negotia Group. Partnering with businesses from start to scale thru to sale.
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