It seems impossible, I know – a father and son fighting over the family business. If only they had hired an attorney long before they started fighting. Oh, wait. They did. They hired me to do all the paperwork for their new venture. We crossed all the ‘t’s and dotted all the ‘i’s. What went wrong?
The father refused to sign the documents they had hired me to write. (Warning sign number one.) Then, the father started taking money out of the company bank account without receipts. (Warning sign number two.) Then the father took out credit and credit cards in the company name. (Warning sign number three.)
Honestly, by time they called me it was too late.
Nobody ever goes into business with family or friends thinking that they are going to rip each other off and hate one another. But, it happens all the time. And, even if people are going to treat each other “nice” doing business properly avoids hurt feelings.
Do the paperwork. Watch for red flags. Work with an attorney who has seen these things go sideways before. And, do not wait. These things rarely get better with time.