October 14, 2013
The portion of a partnership agreement that’s often referred to as a “buy-sell” agreement, can really help simplify matters if a business partner dies or becomes disabled. But is it really “the simple solution,” as Robert Cavanaugh seems to indicate in his blogpost? I would argue “not quite.” Buy-sell provisions have to be addressed carefully for the following reasons: Most buy-sell agreements tend to cover only what happens in the event of (1) death, (2) disability, or (3) a partner’s wanting to leave the business. Many of them don’t address (1) divorce of a business partner (another way to encounter the unpleasant surprise of being in business with your partner’s spouse), (2) deadlocks (where you want to kick someone out), or (3) a tantalizing third-party offer to purchase. Death and disability buyouts can be funded with insurance. The majority of the other situations — a partner has a lifestyle change and wants to leave or be bought out of any other reason — cannot. This means that you ( or the company) has to come…
Continue ReadingOK, so smack-down is more appropriately a World Wrestling Entertainment (formerly known as WWF) term . . . but I was intrigued to learn from mma-zone.com that Spike TV, a division of MTV Networks, and…
Read MoreI saw The Wizard of Oz on TV not long ago. As you know, Dorothy lands in Oz, travels the Yellow Brick Road, encounters the Scarecrow, the Tin Man, and the Lion, gets chased by…
Read MoreListen to the Episode Below: Building a ‘presence’ for your company is key to attracting clients, influencers, and buyers for your business. But many small business owners are guilty of keeping their business a secret. Or…
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