Things are always rosy at the start of a business venture. Everyone gets along, coffee meetings are chill, you might even find you all like the same Netflix shows.
However, when [greed/spite/revenge/jealousy] gets the best of one of your partners, or if someone just wants to move on, then questions come up and things can start to get ugly. Can Joe just sell his shares to his aunt Betty? Does Sally’s husband get her membership interest if they get divorced? Splitting a business up without a buy-sell agreement can get downright ugly. Not only can you lose a bunch of money or even the business altogether, you could even find yourself being forced to do business with someone you don’t know (like your ex-business partner’s ex for example).
A well drafted buy-sell agreement is alot like a “business pre-nup.” You hope you never need it, but if you ever do, you’re sure glad it’s there. And, it’s best when put together while everyone is getting along.
If you need a buy-sell agreement for your new or existing business, I can help. I’ve been on every side of the table on these types of agreements and can help you make sure all your bases are covered and the document drafted actually reflects what everyone wants.