The story of Al "Bubba" Baker, his family, and Shark Tank mogul Daymond John is a cautionary tale for anyone who is considering doing business with an investor. The Bakers claim that John changed the terms of their deal after the show and that he has been unresponsive to their attempts to contact him. John, on the other hand, claims that the Bakers are simply trying to "unwind poor business decisions" through slanderous social media posts.
Three important lessons for entrepreneurs could be extrapolated here:
Read your contracts carefully
Don't just skim the terms and conditions; take the time to understand what you are signing. If you have any questions, ask a lawyer to review the contract with you.
Know who you're doing business with
Do some research on the company or individual you are considering doing business with. Check their reputation online and make sure they have a good track record.
Don't try to win a fight on social media
Social media is a great way to connect with customers and promote your business, but it's not a good place to settle disputes. If you have a problem with a business partner, take it offline and try to resolve it respectfully.
Takeaway
As of this writing, the Baker family's tribulation is still ongoing; it's a reminder that entrepreneurs need to be careful when they do business with any type of investor. By following these three tips, you could help protect yourself from potential problems down the road.
If you've got contract questions, we're here to help. Contact us today.
Source: https://www.entrepreneur.com/business-news/daymond-john-files-restraining-order-on-shark-tank/453538
