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Owners Unaware of Bankruptcy Laws in Entrepreneurial Decisions

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MJ DeMarco

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Read Millionaire Fastlane
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Jul 23, 2007
Fountain Hills, AZ
But maybe entrepreneurs should, since the most recent U.S. Census Bureau data estimates that approximately 50 percent of small businesses (less than 500 employees) close within four years of launch. And according to a new study of 90 Iowa small business

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New Contributor
Aug 12, 2007
Re: Owners Unaware of Bankruptcy Laws in Entrepreneurial Decision

This is a good point. Its so easy to start a business or get into a partnership, but most people can't even begin to understand how hard it is to get out until they try.

My suggestion, though, instead of just planning for bankruptcy, you should have a solid exit strategy. This starts with a solid (if not generic) member control agreement that outlines buy/sell, divorce, dissolution, etc.

A first time business owner will not want to spend any time on this, as they "will not fail", however planning for the end will allow you to succeed well beyond just one failed business.

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