Partners in any business spend substantial time helping to ensure the success of their company. Often times, they don't take the same care to outline when and how the partners can get out of the business.
The reasons and circumstances for a partner exiting the business can be quite varied. In the best of circumstances, the fully anticipated events can lead to the end of friendships that have lasted for years - think of negotiating the expected buyout of a long-time partner.
In the worst cases, where the exit is unplanned, the results can devastate the business, the partners and all families involved. These examples could include the death of a partner, the disability of a partner, the unexpected retirement or termination of a partner.
Consider the all too frequent example of a partner dying unexpectedly. This situation can leave the business strapped for cash, the family of the deceased unsupported or have the remaining partners in business with the estate/family of their deceased partner.
A well outlined plan will effectively handle each of these situations. Blevins Financial has a long history of leading clients through the development, implementation and ongoing maintenance of comprehensive buy/sell strategies. Our experience as business owners coupled with our financial and legal knowledge puts us in a strong position to lead you through this process.
Contact Us if you would like to learn more about our buy/sell capabilities.