The Bible Tells You: - Proverbs 15:22 – “Without counsel plans fail.”
Successful Chief Executive Officers Tell You: - “. . . it all starts or stops with who you surround yourself.” Succeed on Your Own Terms, citing H. Edward Hanway, Chairman and CEO of CIGNA Corporation.
Business Journals Preach it: - “As I’ve said so many times, good advice is never cheap, and cheap advice is never good. “ Harvey Mackay, Hartford Business Journal, December 15, 2008.
Newspapers Repeat it: - ”Surround yourself with good advisors (lawyers, bankers, accountants), and don’t nickel-and-dime them.” Canadian Entrepreneur, February 2, 2007.
Business Schools Teach it: - “. . . the best path is to surround yourself with good advisors who you have to listen to, who will focus your attention on the reasonable and unreasonable risks. . .” Randy Komisar, former CEO for LucasArts Entertainment, founding director of TiVo, currently Consulting Professor of Entrepreneurship at Stanford University. International Mentoring Network Organiation. March 2, 2008.
The Real World Affirms it:
December 27, 2007
BOTCHED BUY-SELL CAUSES A FORD DEALERSHIP TO CLOSE ITS DOORS
A DEALERSHIP BUY-SELL IS A COMPLEX TRANSACTION AND IT PAYS TO HAVE EXPERT ADVICE
AS THESE DEALERSHIP BUYERS FOUND OUT TO THEIR CHAGRIN.
Buying a car dealership is not the same as buying a house. That’s self-evident. While an attorney with a general law practice is fine if you are buying a house, Tom and Lori Smith of Pottsville, Pa., found out the hard way that it pays to hire specialists familiar with the nuances of a dealership buy-sell transaction when you are buying an automobile franchise. [Emphasis Added.]
As the Reading Republican-Herald reports, the botched transfer of ownership of Heritage Ford forced the Smiths and a business partner to close down the business.
“We had a long meeting with the former owner. . . . and we thought we had come to an agreement,” Mrs. Smith continued. “Then (a few days ago), the former owner’s attorney called our attorney and said he wasn’t going to go through with it. We had no other options.”
The 30 employees were told Friday that the dealership would close.
Although the showroom is now closed, the dealership service department and body shop are still open.
Meanwhile, attorneys will continue looking for a resolution after the beginning of the year.
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