Posted on Jun 25, 2018

IOMI® International Office Moving Institute

Ed Katz in the beginning…

When looking back over my 40+ years of owning my own companies, I’m shocked at how naïve (and stupid) I was, especially in the beginning of my business career. One of the dumbest decisions I ever made was to start my moving company in 1976 with a 50/50 (coequal) business partner without a buy/sell agreement. In my mind, the arrangement was a perfect match, since my partner and I were close friends, and he was smart, honest, and a good person.

My next mistake was to assume that my partner would be there on a regular basis and step in to help whenever I needed him. Since I was the operating partner, we agreed that I would take a salary of $10,000 per year—my partner would not take a salary. However, we both would share equally in the net income. READ MORE:
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