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By Louis Lehot, a business and technology lawyer at Foley & Lardner LLP in Silicon Valley
Breakups hurt — both financially and emotionally — in both business and in marriage. Just as sociologists have predicted spikes in marital divorce rates, there is now a noticeable increase in partner disagreements in healthy, thriving businesses. Insurance companies are no exception. To survive and thrive through financial turmoil, insurance companies will need to make some difficult decisions.
Business owners and investors in the insurance industry need to be aware and come to terms with an increase in “ business divorce” which is one of the most painful events any business owner can experience.
From the outside looking in, it is “just business,” but the business dissolution often creates as much emotional drama as a divorce between spouses. Similar to a marital dissolution, a business divorce can be full of emotion, egos, accusations, and expensive legal fees. No matter how well documented the partners’ business relationship is, a business divorce can still be expensive and nasty as parties look for loopholes in contracts, claim financial irregularities, and more.
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