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McBride for Business Blog

Is There a Huge Risk To Your Business That You Aren’t Thinking About?

June 28, 2017 // R. Shawn McBride // No Comments »

R. Shawn McBride recently spoke about the importance of updating your buy/sell.

Hey, folks, Shawn with you here. I wanna talk about something important. Its does your buy-sell really work? And we recently did a video series on it, but it’s worth driving home the point again if you didn’t see that video series, go check it out, but I need you as business owners to really be thinking about whether your buy-sell really works. And the truth is a lot of times they get out of date.

When’s the last time you looked at your buy-sell? You probably thought of one when you formed your company, or maybe you were in such a hurry to form your company you didn’t do one. So, where are you now? How do things stand? Do the mechanisms in place actually work for you, or do they just fall apart? Many times we find the valuation and the methodologies people thought would be great when they formed the company no longer makes sense two to three years later.

Maybe you just didn’t stop to do that buy-sell, now what if your partner dies, what if your partner gets a divorce? What happens to your business? It’s a great time to go back and update your buy-sells, revisit them, and get them in order so that we have a clear, safe future. So, if you’re not sure about your buy-sell, let’s pull it out and let’s read it.

You have an advantage as a business owner because you can change your buy-sell without involving a lawyer. If that buy-sell makes sense to you, you make be in okay shape because it’s gonna be read by a judge or a jury if we get into litigation. If it’s very technical and legalistic, and you don’t understand what you’re reading, you could have a problem.

You want to have a very simple buy-sell, that’s mechanical, that makes business and economic sense. Is that what you have? And does it work for your current circumstances? Or does it need to be updated? I bet most of them need to be updated. Most people don’t read their buy-sells until they end up in a dispute. That’s the wrong time. The time to look at your buy-sell is now. So go back, take a look at it, see if it’s accurate and update it from there.

So, folks, if this is resonating with you, check out the McBride for Business blog and the McBride Attorney’s blog. Like the R. Shawn McBride public page on Facebook, because I’m going to keep pushing content. We’ve got community building there, where everybody is helping each other do better and do great things in business and I want you to be part of it. And the McBride for Business Youtube channel, subscribe.

Get your business valuation checklist at and let me know how I can help you. Reach out, send me your questions, send me your thoughts. If I keep hearing the same question over and over again, I will develop videos for it. And I would love to come out and work with these groups one on one, do some coaching, training, facilitating, keynoting, whatever’s necessary to spread this message. It’s a passion of mine, I want people to have good agreements in place, have executable plans, and get to their dreams. R. Shawn McBride, I’m gonna see you all again soon.

Make sure you download our free checklist to assess your business.  

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Simon jackson.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

 

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