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Mar 13, 2017

Today’s guest is lawyer and legal coach from Seattle, Washington, Heather Pearce Campbell. Heather is also the founder of an online company called Legal Website Warrior. Aside from her legal practice, she is also part of a restaurant business in Pendleton, Oregon. It is an extension of her father’s western store called Hamley’s, the oldest saddle-making company in America

With the many stories of joint ventures gone wrong, it is best to know how to draft a business contract that would deal with the possibility of business partners parting ways in the long run. On today’s episode, Heather shares some practical steps that help make this separation easier, simpler, and smoother for both parties. She explains the rationale behind each step and gives advice on the best possible ways to deal with a business divorce.

  

“The first thing, and absolutely the most important, is to make sure that the contract you’re using is reflective of the arrangement that you’re putting in place.” – Heather Pearce Campbell

 

 

In This Episode of Real Money Talks: 

  • What should be reflected in the business contract and why
  • What you need in a contract
  • How to deal with interstate or international business partnership
  • What litigation, mediation, and arbitration means in business
  • Things to do and consider in advance to assume a strife-free business divorce

 

Checklist in Designing a Business Divorce: 

  1. Reflect the actual agreement.
  2. Identify the specifics of the who, what, why, where, when, how.
  3. Know where the money’s going to be held.
  4. Consider the ending, which can be a resolution procedure.

  

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Loral Langemeier is on a mission – to educate and empower the Real Money Talks community on how to have those important money talks that are straight, to the point, and can be applied to every aspect of your life. So, tune in every Monday, Wednesday, and Friday on iTunes to learn, ask Loral a question, and create your path to financial freedom! Don’t forget to leave a review and grab your free gifts on AskLoral.com!

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