buy sell agreements
February 23rd, 2007 | Author: Scott McCullough | PermalinkI am working right now with clients who started a business as partners 5 years ago and everything was happy and working well. Now they are in a fight and want to split; however they have no agreement to facilitate the split-up or to valuate the company. It is a mess. Every business with partners should have buy sell agreement so when problems arise (fighting, death, disability, retirement etc.) they have a plan already in place.
Scott,
A good reminder. Unfortunately, most attorneys fail to follow their own advice. At my last firm we had no written agreement, let alone provisions what would happen when one of us left. When I decided to start my own shop, it got ugly. Maybe you should direct a post to law firms having provisions for exiting shareholders.