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Mistakes business owners make in divorce

South Carolina Business Review
SC Public Radio

Here’s an unfortunate, but common scenario: You own a business and you or one of your business partners is going through a divorce. Would the spouse be entitled to a portion of the business? Our next guest says that the answer is “quite possibly- and most likely yes!” Mike Switzer interviews Stephanie Vokral, a certified financial planner and a certified divorce financial analyst with The Financial Knot, in Columbia, SC.

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After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.