These agreements come in many forms and many names: a business will, buy/sell, buy out agreement, or a business "prenup" all refer to the same document. It's an agreement that provides for the orderly separation of partners for a variety of different reasons.
We have recently seen some very unfortunate scenarios where partners failed to memorialize their buy/sell or worse, never discussed it!
Recently a good client's partner passed away. The deceased partner was a key salesman in the business. Probably the most important in the business. Our client...
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David and Joan had worked hard over the years to turn their food service supply company into a successful business. They had amassed a respectable fortune through careful business planning and a healthy investment portfolio, and they made a point of giving back to their community through a number of charities. They also created a series of trusts to ensure each of their children and grandchildren would receive a sizeable inheritance, and they were even able...