The Conversations with a Business Attorney podcast is your legal guide to navigating the challenges and opportunities that arise throughout the life cycle of a business. Jeff Large, a start-up business owner, explores topics like operator agreements, employee retention, and the value of protecting your company with Rhoades McKee Attorneys. Don’t get lost, listen and learn.
Jake Dunlop, a business attorney at Rhoades Mckee, breaks down how operating agreements protect and structure your business from the beginning.
In This Episode You’ll Learn:
- The top things business owners overlook when setting up an agreement
- Tips for structuring your business and choosing which agreements work for you
- What to look for when hiring a business attorney to draft your agreements
Jake explains the differences between shareholders and operating agreements, emphasizing the importance of setting up your business correctly from the beginning. He provides a litany of potential stalemates and contingencies to protect themselves and their businesses.
Jake talks about the triggers, the events that cause a business to be bought or sold, that are covered by these agreements. He shares how decisions are made for the business and the role attorneys play in setting up the process. Buy-sell agreements are a good example of agreements that are heavily influenced by triggers
[12:08] “I always tell my clients, I’m in the worst-case scenario business. I know everything’s gonna go perfectly. But my job’s to plan for the worst, and let’s try to address some of these situations now while we’re all on good terms so that in the unlikely event that this does come up in the future, we kind of have a producer to address it.”
While it’s never too late to bring in an attorney, the best move is to work with one early on to create a strong foundation for your business. Jake’s insight into finding the right attorney and what to consider before starting an agreement provides actionable advice for business owners in any industry.
Click here to read the transcription of the full interview for Episode 2.
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