Let’s face it, the end to any relationship can be rough. But when business mergers fail, they can also be profitable. Just ask T-Mobile and its parent company Deutsche Telekom, which will earn a record $4 billion for NOT being bought out by AT&T. 

Normally, we focus on How to Build a Business and Sell It For Millions, but in the case of AT&T and T-Mobile, we can see even if a deal goes south, there’s money to be made.

It was a bad connection for AT&T and T-Mobile.

Almost since it was first announced in March, federal regulators have balked at the $39 billion mega-merger of the two wireless giants.The Federal Communications Commission and the Justice Department feared the buyout would violate antitrust laws and harm consumers with higher prices and limited mobile options. AT&T fought the opposition but could never seal the deal. It finally threw in the towel this week.

Talk about a hefty phone bill, AT&T must now pay billions to satisfy an initial agreement with T-Mobile. Three billion dollars in cash will be paid to T-Mobile’s parent company Deutsche Telekom, while the remaining $1 billion is set for spectrum and roaming agreements.

In its news release, Deutsche Telekom says the termination-of-purchase fee agreed between the two companies could turn out to be the biggest in history. 

As I wrote earlier in my Legal Edge column in SmartCEO, business partnerships are never easy. If developed properly, they can be brilliant, but all pitfalls must be considered before signing on the dotted line. When forming an agreement plan for the likely situations you will face.

Things to consider when forming agreements:

     - Do the risks outweigh the means?

     - How will I benefit the most from the relationship?

     - Financially speaking, how are profits distributed?

     - Who is in charge?

     - And as AT&T and T-Mobile are discovering; what happens if the plan fails?

Not one likes a break up. But in the case of T-Mobile, $4 billion certainly goes a long way to take away the sting.  

If you get into a crash, you won’t survive without an airbag. The same goes for your company.

In this economy, not having a succession plan in place could be the worst thing for your small business, your family, and yourself. In the event of your death or incapacitation, what’s going to soften the blow?

As the CEO, it’s your responsibility to begin grooming a successor for your role as a leader. But this isn’t enough; you’ll also need a solid team to keep him or her afloat. 

Next, it’s essential to have a physical, written succession plan. When you’re crafting it, expect the worst and hope for the best. It’s always better to be safe than sorry. For example, consider the tax consequences your estate will face and how that might influence the sale of your company. 

But, more important than your business is your family. Trust me: you cannot afford to keep avoiding this issue. Everyone’s time on Earth is limited, so quit thinking that you’re the exception. Plan for the future, and consult with a qualified estate-planning attorney regarding the personal needs of your family before it’s too late. Remember: if you don’t write your own will, someone’s going to do it for you.

And when you’re so busy worried about your business and your loved ones, you often forget about yourself. Now is the time to break this habit. There could come a day where you cannot act on your own behalf, and you should begin drafting a power of attorney and advanced medical directive in preparation. This might be hard to grasp—but ignoring the issue doesn’t mean it won’t come up in the future. 

To find out exactly what your succession plan should entail, read my Legal Edge column in this month’s edition of SmartCEO, and learn how to protect your small business from being totaled.

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My Legal Edge Column in SmartCEO

According to Small Business Trends, 77% of small business owners love what they do--describing themselves as either “very” or “extremely” happy about running a business.

Over the course of your lifetime, over 1/3 of your waking hours are spent at work. Why waste your time doing something you don’t enjoy? Don’t get me wrong—work is not always going to be fun. But if you have to work to survive, you shouldn’t have to drag yourself out of bed for a job you dread. 

We have all heard the phrase “Money doesn’t buy happiness.” This statement is in accordance with Forbes.com, which reports that jobs with better pay and higher social status are less likely to produce feelings of contentment. Their list of most hated jobs includes Director of Information Technology, Senior Web Developer, Law Clerk, and others. On the other hand, Clergy, Author, Physical Therapist, and Psychologist constitute The Ten Happiest Jobs. According to the National Organization for Research at the University of Chicago, 80% of firefighters are “very satisfied” with their jobs.

The difference between the most loved and most hated jobs is one thing: whether or not the employee feels as if he or she is truly making a difference. The top ten happiest jobs are positions where people feel as if they’re doing something worthwhile—like educating young people or helping the sick. But those with the most hated jobs are constantly asking themselves: ‘what’s the point?’

If you’re a business owner and you’re struggling with finding meaning behind your company or your position, all is not lost. Maybe when you first started your small business, you loved every second. You were passionate and excited about the future of your company and how it could benefit the public. But as time goes on, it is not uncommon for that feeling to fade. Inc.com’s article, “5 Keys to Business Happiness” gives advice on how to bring the joy back into running your business. 

Bottom line: You are going to be working until you’re old and gray. Make sure you have a reason to want to get up in the morning. 

Starting a business isn’t easy. Most likely, plans for financing, marketing, and developing a customer base are keeping you up at night. But, you may be missing the most important piece of the puzzle: location.

Before you begin drafting a business plan, hiring employees, and spreading the word about your new project, you must ask yourself: where will my business be most successful?

According to Entrepreneur.com, the first step is to obtain a demographic and lifestyle overview of the location you’re considering: the average age, income range, and interests/behaviors of the region’s residents. Does it match up with your target market? If you need assistance, talk to a local real estate professional. Often, these individuals know their cities backwards and forwards.

Entrepreneur.com’s article, “How to Find the Best Location,” lists 22 essential questions that you must ask yourself before deciding on a location for your small business. Can you find a number of quality employees in the area in which your facility will be located? Are the neighboring businesses likely to attract customers who will also patronize your business? Is the location convenient (for both you AND potential customers)? Find out what else to ask, here.

But sometimes, a remote location could be the reason behind your thriving small business. In my book, How to Build a Business and Sell it for Millions, I discuss a client who rented an isolated warehouse to sell vitamins and supplements. Even when given perfect directions, customers had trouble finding its location. This became part of its charm—just like a hip LA bar, if you could find it…you were considered to be ‘in the know.’

According to The Fiscal Times, if you’re opening a retail or consumer service business, careful determination of a potential location is critical. A city with like-minded entrepreneurs, a strong economy, expanding population, and access to an educated workforce make it an ideal area for opening a business.

If you’re having trouble making a decision, read Business Journals’ report on the best places to open a small business. This year, Austin, TX tops the list due to the city’s rapid growth in population, prosperous economy, and increasing number of small businesses. Oklahoma City came in 2^nd, followed by Charleston, SC and Charlotte, NC. New York City falls at number 10, up 17 spots from its 2010 ranking.

The bottom line: do your research. Educate yourself and weigh your options.