Many machinery companies are closely held businesses, and many are family owned. One of our Nation's founders, Benjamin Franklin, was a very successful printer before he embarked on a multi-faceted career as an inventor, statesman, and diplomat. Franklin offered some great advice to business people in his autobiography that particularly applies to doing business with friends and family. Although not specifically directed to the machinery industry, you can access Mr. Franklin's timeless advice and my thoughts on it (written in another blog) here.
John L. Watkins is the principal of Watkins Law and Mediation LLC. He represents select group of machinery manufacturers and suppliers in negotiating and drafting supply contracts, terms and conditions, NDAs and related documents.