business dispute resolution

Discussion in 'Growing and Managing a Business' started by ramchauhan, Sep 21, 2012.

  1. ramchauhan

    ramchauhan
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    Hi,

    I had a question. My father was the owner of a food business. After he died my mother became the owner of the business but she never handled the business. The business was entirely handled by my uncle including the marketing and finance and everything else. We just used to get a fixed monthly pay by my uncle. But the business was in the name of my mother.
    Its been almost 8 years that he has been handling our business .

    Due to some personal disputes, my mother and I will now have to handle the business. Basically both of us will now take over the business. But before we do so, we need to make sure that all financial dues and all the money that he has taken from the market is cleared by him before he hands us the business.

    I am not a business man and do not even know the basics of it. Can you tell me what all things( especially finance) I need to look into before I handle over the business.
     
  2. Business Attorney

    Business Attorney
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    I'm not sure what you are getting at when you say "we need to make sure that all financial dues and all the money that he has taken from the market is cleared by him before he hands us the business." Although there are legal issues involved, it sounds like you primarily need to be satisfied that all of the receipts and liabilities have been properly accounted for.

    Does the business have an accountant? I assume it does, as most businesses of any size do.

    As far as other things that you need to look into before you take over the business, there are so many areas that it is hard to know where to start. Finance is certainly one. Then there is marketing and sales. Management. Legal issues related to the food industry. Legal and tax issues related to employment. To name a few.
     
  3. ralphjenss

    ralphjenss
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    Finance is the biggest and the most sensitive issue for an entrepreneur so you must have basic finance and accountancy knowledge before starting any business venture. Let’s discover what other benefits you can avail by enrolling in accountancy training course.
     
  4. rajkotinfoline

    rajkotinfoline
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    Develop a process to resolve disputes quickly and make all staff are aware of what is expected of them.
     
  5. 2misi.com

    2misi.com
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    I think you need a business supervisor or business consultant.
     

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