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Dr. Steve
Dr. Steve, Psychologist
Category: Mental Health
Satisfied Customers: 370
Experience:  19 years conducting therapy; book author; newspaper columnist; former co-host of radio show
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I have a problem, my mom wants to sell her business to

Resolved Question:

i have a problem, my mom wants to sell her business to myself and my brother 50 50 the business is worth a few million. so my problem is that my brother has bipolar and has been hospitalized twice for acting psychotic. my brother says he just has an anxiety disorder and that stress triggers his outbreaks. i believe i know the answer but dont i need protection?
thank you
Submitted: 7 years ago.
Category: Mental Health
Expert:  Dr. Steve replied 7 years ago.

Hi Palmyra:

Holy cow, absolutely. Have an attorney draw up an operating agreement between you and your brother that provides a number of explicit contingencies in the event that he has another meltdown. You need a bullet-proof firewall that protects your interest AND the business in case he tries to funnel all of the liquid, begins to damage your reputation, etc.

Maybe reposting to the legal section can direct you to the correct type of business attorney, but the direct answer to your question is YES!

If you are satisfied with the response, please hit "Accept." That is the only way I can receive credit for my answer. Thanks-

Dr. Steve

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