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What do you mean your restaurant doesn’t have a shareholders’ agreement?

What do you mean your restaurant doesn’t have a shareholders’ agreement? Running a restaurant is hard work. Granted, I have zero experience operating a restaurant, but a lot of my clients do, and as a lawyer to companies operating in the foodservice industry I know how much blood, sweat and tears restaurant owners pour into their businesses day in and day out, not to mention the ungodly hours they keep and the personal lives they sacrifice in the process. I suppose, then, that it would make sense to take every step possible as a business owner to protect your investment. Yet I continue to be amazed by the number of restaurants, new and established, single-unit and multi-unit, successful and struggling, that have not yet taken a critical step and entered into a shareholders’ agreement among its owners. I cannot say that I am entirely surprised, given the aforementioned time limitations which…