LEGAL
By James O’Connell, Partner, Mayo Wynne Baxter
WHEN MENTORS TURN NASTY Even if you have a technical skill or vision that could form the basis of a successful business, the whole ’how to run a business’ side of things can seem quite daunting. Not surprisingly, therefore, numerous mentors offer their business experience to new entrepreneurs. At their best, mentors can be a phenomenally useful resource. Regrettably, I often get to see those who
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have gone over to the dark side and used their superior knowledge of business processes to grab a slice of a promising business before their clients outgrow them. Too often, I see 20% – 40% of a business given away in return for vague mentoring ‘promises’ with few tangible outcomes and invariably no measurable ones. At worst, dark-side mentors demand
