Dear Kids,
There are so many people losing the asset and properties in this recession because of the over spending in the past. In the tradition business practice, you need to reserve a way to exit the liability. For example, when you sign the business contract, you need to consult the business lawyer and you should use a limited liability company to sign the offer so that to save yourself to get into the trouble in the near future. One more clause is that you will never personal guarantee anything if you don't know the contract. Knowledge is important for all kind of business. Therefore, when you sign any of the contract, you need to be very careful.
One of my clients who bought the hotel last year and they are in trouble with the decision to give back the hotel to the bank. One of the contracts they signed for this hotel is the franchisor who gives the right for them to use the name RAMADA INN. They think to stop the business will get away the contract issue and the the CEO of the company who owns a few hotels under the name of this corporation will sue them to pay for the damage. Nowadays, people will try to get every penny what they can get in the business world. Before you sign anything, you need to be alert and smart up. Otherwise, the damage is more than what you gain.
Love,
Dad
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