3 Costly Mistakes You Are Currently Making With Your Business

Imagine for a moment that you started a business and have been running this business on your own for a while , and then suddenly, you realise that you needed to scale and expand the business, so you bring in three of your friends and you all agree to do a fresh limited liability company registration for the purpose of the expansion.

Imagine that you retained 40% of the business and gave your friends 20% each, thereby taking up the entire 100% shares of the business.

Now imagine that barely 3 months into the business, you and your partners are already having issues and one of them actually leaves the business.

The second friend also leaves two months after the first one left thereby leaving only 2 of you to run the business.

Let us assume that Tope Johnson is the owner of the business. Uzo and Garuba had left.

The remaining partner being just Tope, and Bright.

The implication of this is that 40% of the company is being controlled by the two ex-co founders (Uzo and Garuba) who still have right to those shares.

Nothing destroys a start up with Co-Founders or Partners faster than when a Co founder leaves the business.

Trust me, it is demotivating and in most cases, the companies never almost survive.

From the Scenario created above, I can tell you three fundamental mistakes that Mr Tope made in his business.

1. Not having a Co-founders Agreement before registering a company.

One of the mistakes small business owners make When they begin to fantasize with the idea of scaling or expanding their business especially when there are potential investors and partners is to quickly go and do a Ltd liability Company registration.

They have read and heard how I mention several times that an LLC (Limited Liability Company) is better than a business name, so boom! they hurriedly register a company with the investors and issue shares blindly and without justification too.

Registering an LLC where you have Co founders, directors and shareholders is on the presumption (though rebuttable) that you understand the legal implication of what you are getting into.

So what I always strongly advise my clients is that they have an operating document such as a Co-founders or Shareholders Agreement to be signed by all of them prior to registering the company.

This Agreement which will contain several other very important terms will ensure that all the Co-founders or shareholders are on the same page thereby reducing the possibility of disputes and having a partner walk away after the company has been registered as even those will be covered by the Contract (Dispute resolution and Exit Clauses)

The second mistake made by Mr. Tope and this is perhaps the most important is this:

2. Failing to include a share vesting schedule and a one year Cliff in the “supposed Agreement”

A vesting schedule is a clause in a shareholders Agreement that ensures that a person doesn’t get the entire amount of shares issued to him right away.

This is called the Cliff period.

if he leaves within a year after the cliff period he gets 1/4 of the total amount of his shares and so on and so forth until the shares are fully vested.

The essence of share vesting is to ensure that all the Co-founders are actually committed to the business and to ensure that they remain in the business for the long run.

Now back to the Scenario; if Tope had included a share vesting clause in his Agreement with his co-founders, Uzo and Garuba would have gotten nothing since they left within one year of the formation of the business. (Remember the one year cliff)

3. The third mistake made by Tope is not contacting a lawyer early enough.

Damage Control is very expensive, when it comes to the legal aspect of your business, prevention is always better than cure.

In as much as there are templates online that you can just download and use for your business, you cannot deny the place of actually contracting a lawyer to guide you through the entire process of the business formation and all you need to know regarding the legal aspect of your business.

In your attempt to minimise cost you end up becoming penny wise pound foolish when the consequences of your avoidable mistakes come knocking on your door.

So, I will like to ask;

Does your Co-founders or Shareholders Agreement have a share vesting schedule?

Do you even have a shareholders Agreement?

I hope you got value from this article?

Kindly use the comment section below to ask your question or contribution.

 

Mistakes You Are Currently Making With Your Business

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    dass die Maße der gebrauchten Rampe zu den Gegebenheiten der eigenen Situation passen. Ein Kostenvergleich ist auch
    dann sinnvoll, wenn man lediglich eine Rollstuhlrampe leihen möchte.
    Angebote finden sich vielfach auf Online-Portalen für private Kleinanzeigen. Allerdings besteht
    auf die Rampen von privaten Verkäufern keine Garantie mehr.
    Zudem ist das Risiko höher, beschädigte Ware zu erhalten. In Anlehnung
    an Hersteller, Alter und Zustand der Rampe kann das Einsparungen von bis zu
    50 % bedeuten. Die Kosten einer Rollstuhlrampe variieren Laut Länge, Materialien und Zubehör, zum Beispiel einem
    Geländer. Kurze Rampen aus Aluminium, mit denen ein einsamer Stufe überwunden werden muss,
    gibt es ab circa 100 Euro am lager.

  82. Sportart ist eine Sportart, die bei Erwachsenen in allen Altersgruppen sehr beliebt ist.
    Nordicwalking ist einfach zu erlernen. Sie eignet sich auch für Menschen, die
    nach längerer Zeit in ein Training einsteigen möchten und oder nach einer Erkrankung
    ihre Fitness wiedererlangen möchten. Sie benötigen keine speziellen Voraussetzungen oder
    Spezialkleidung und können das Zubehör einfach und schnell bei Sportco bestellen. Das wichtigste Sportgerät fürs Nordic walking sind die Nordic-Walking-Stöcke.
    Es empfiehlt sich wählen Sie ein stufenlos einstellbares
    Modell. Für den guten Halt sorgen Nordic-Walking-Handschuhe.
    Diese sind besonders für lange Touren wichtig.
    Achten Sie auf Ideal Nordic-Walking-Stocklänge;
    diese ist für die gesunde Ausübung der Sportart sehr wichtig.
    Wenn Sie Handschuhe tragen, können Sie die
    Nordic-Walking-Stöcke besser halten. Für
    verschiedene Untergründe benötigen Sie spezielle Sportart Pads, die Sie an den Nordic-Walking-Stöcken einfach wechseln können. Schrittzähler helfen Ihnen, den Überblick über Ihre Leistung zu behalten.
    Für die Sicherheit rätselhaft sorgen Reflektoren und Blinklichter.
    Das richtige Pad gibt Ihnen ausreichend Grip für die Ausübung des Sports.
    Ein Elastikband zur Anbringung an einem Nordic-Walking-Stock ermöglicht ein zusätzliches
    Kraft-Widerstands-Training so für die Arme.

  83. Allerdings werden Nordic Walking Stöcke in Längenabständen von 5 cm (selten auch 2,5cm) angeboten, sodass im
    gegebenen Fall gerundet werden muss. Dabei am platz
    gerade bei Einsteigern eher abzurunden und einen kürzeren Stock zu wählen.
    Als erfahrener Trainer kann man gerade durch (sinnvolle!) Variation der Stocklänge unterschiedliche Trainingsreize setzen. Fortgeschrittene dynamische Nordic Walker können ruhig auch
    mit einem größeren Stock arbeiten. Für Anfänger ist der Winkel sogar noch mehr größer zu wählen, mehr oder weniger Technik einfacher zu
    erlernen. Als zweite Möglichkeit (wenn man nicht von Mal zu Mal
    rechnen möchte) zweckmäßig die praktische Lösung: Stock und Unterarm sollten bei
    fest umfassten Griff und gerade aufgestelltem Stock einen leicht größeren Winkel als 90° ergeben. Stocklängen trotz gleicher Körpergröße optimal versorgt.
    Bei dieser Art der individuellen Stocklängenzuweisung
    werden auch verschiedene Menschentypen (z.B.

    4. Wie viel sollten Nordic Walking Stöcke kosten? Der Preis variiert abhängig von der Qualität des Schafts, vom Material beziehungsweise
    dem Carbonanteil als auch vom Schlaufensystem. Die Preisspanne für einen Qualitätsstock
    bewegt sich zwischen 40€ und 100€. Gelegenheitswalker bekommen zwischen 40-50€ das beste Preis-Leistungs-Verhältnis, Walker die
    ihre Stöcke öfter als 3mal im Laufe dieser Woche im Einsatz haben, sollten entsprechend mehr ausgeben.

  84. Klar ist Staubsaugen kein beliebtes Hobby. Jedenfalls musste ich im Test keine Gelegenheit auslassen an den Film Wall-E denken und die ganzen adipösen Menschen, die
    nichts mehr allein erledigen konnten. Aber ich denke, wir sollten uns mal nicht unbedingt haben, oder?
    Daraufhin bin ich aber auf eine andere Idee gekommen: Saugroboter sollten eigentlich nicht im jungen, agilen Haushalt zum
    Standard werden, sondern könnten das selbstbestimmte Leben im hohen Alter
    unterstützen. Gerade für Menschen mit mobilen Einschränkungen sind Saugroboter tatsächlich ein klasse Ersatz.
    Denkt also mal darüber nach, ob ihr euren Großeltern damit kein Mensch und keine Seele größere Pläsier machen würdet als euch
    selbst! Doch warum dieser nachdenkliche Abschnitt?

    Hat Omi nicht bald Geburtstag? Trivial: Ich denke, dass es momentan einen viel zu großen Hype um Saugroboter gibt, der dafür sorgt,
    dass euch die Hersteller mit allerlei Versprechungen das Abziehen wollen. Ihr müsst deshalb
    sehr genau hingucken, was ein Modell verspricht und wie ihr
    dieses Versprechen interpretiert.

  85. Das ist aber wirklich nur in ganzen seltenen Fällen notwendig.
    Solar-Bewegungsmelder: Dieser Bewegungsmelder braucht
    keine Batterien und lädt sich nur mit Sonnenlicht auf.

    Kommen zu ihn auch in Kombination mit einer Solarlampe, wie Testberichte zeigen. Dieser
    Präsenzmelder nimmt auch Personen wahr, die sich stillhalten und sitzen. Präsenzmelder:
    Hier haben Sie es mit einem sehr hochwertigen Bewegungsmelder zu
    tun. Unglaublich viel genauer werden seinerseits auch Veränderungen bei der Helligkeit wahrgenommen.
    Wo kann ein Bewegungsmelder montiert werden? Es kommt
    immer darauf an, welcher Einsatz für den Bewegungsmelder gedacht ist.
    Kommt er nur im Außenbereich zum Einsatz oder soll er auch innen seine Dienste leisten. Dementsprechend unterschiedlich sind natürlich auch
    die Montagemöglichkeiten zu beachten. Wenn Sie beispielsweise
    Ihren Smart Home Bewegungsmelder montieren möchten, kann dies an der Wand, an der Decke
    oder auch in einer Ecke geschehen. Ist Ihr WLAN Bewegungsmelder mit das Fritzbox verbunden, müssen Sie natürlich auch darauf achten,
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    in Ecken müssen Sie darauf achten, dass der Sensor auch
    genügend Wahrnehmungsraum hat.

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