Can My Biz Survive A Divorce?
If you’re in the midst of divorce, meditation, a healthy diet, plenty of exercise and laughter could help your business – and you – survive. That’s because the better shape you’re in, the greater the likelihood you’ll be able to tend to the business.
Not only does the divorce of a business’s owners often unleash uncertainty in the minds of everyone from employees to customers and suppliers – putting the business at risk- but it’s also a very difficult time for the owners themselves, which can result in them neglecting the business’s needs. The fact is, the best time to ensure a husband/wife-owned company will survive a divorce is during business’s honeymoon period, or at least during its good times.
The problem is most happily married couples cannot even begin to imagine what going through a divorce is like. So to ensure their business’s survival and minimize the upheaval divorce can cause, the first step is for the spouses to take a good, hard look at all that could go wrong- when all is going right and they’re thinking rationally.
“I often suggest to couples that they lay down on the table worst-case scenarios,” says Ruby Wong, a partner at Toronto-based law firm Cassels Brock & Blackwell LLP, who specializes in corporate and commercial matters.
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