Not His Brothers’ Keeper

In October of this year, The Vethan Law
Firm, P.C. (VLF)
reached a favorable resolution for our client, a
Greek immigrant who, with his two brothers, had built a multi-million dollar
business partnership over forty years.  However, even as close as the
brothers were, when they first began business operations in the late 1960s,
time, the pressure put on by their children and grandchildren served as a
piercing blow to the partnership.
After forty (40) years, the family that had
lived and built the American Dream, quickly were at odds with each other as to
the management and business affairs of the partnership.  As brothers, they
made all their business decisions after hours, seated around a table at one of
the restaurants they owned, over beer and Greek food.  They never believed
they needed a partnership agreement.  They were wrong.
The hands of time moved on, building their
empire, but introducing family members and other pressures on the
business.  After the money involved in the business reached a critical
mass, factions developed within the family, and the brothers were pitted against
each other.
After several months of contentious
litigation, VLF’s business attorneys were able to secure a favorable resolution
for one of the brothers.  The lack or a partnership agreement and the
dearth of resolutions and governing documents could have easily thrown the
entire enterprise into a free-for-all.
While VLF’s lawyers could save our client’s
share of the business for him, and recapture it for his family, the
relationship between our client and his brothers may be forever damaged. 
All this because the terms of their partnership were never properly laid out
when they started the business almost half a century ago.
Business people have the choice of learning
from others, or insisting on repeating the same mistakes.  The business
and corporate lawyers at VLF work with our clients to make sure their business
and business agreements are prepared early, modified as required, when the
business changes, to suit our clients’ needs.