Starting a business is a difficult endeavour. Most people don’t have the ability to start things up on their own. Someone has to provide a little extra to get things started, becoming a partner.
Life changes, though. What is there at the outset may not be there at the end. The same goes for any partnership. Sometimes, one partner may decide to leave or have no choice. A business secession can be disastrous if the enterprise is unprepared for it.
The partner may wish to exit. In such a situation, what you need is a buy/sell agreement. These are legally-binding contracts that allow one party to transfer business interests. The intended targets are the remaining owners. Usually, these apply in the event of secession, but also for death and disability.
A buy/sell agreement is designed to facilitate the handover, as well as provide funding for the buyout. With this in place, the secession of a principal owner or partner need not cripple the enterprise.
An agreement of this nature can be challenging to navigate. Business partners usually have emotional ties that muddy the waters. Personal fallout can affect the arrangements, requiring a neutral party to act as mediator. Because of this, financial advisors with no ties to either partner are essential.
With The Financial Advisors Geraldton, you are getting that neutral party. We have expertise and experience, cultivated from years of performing financial services. We have worked out agreements of this nature, customising them to suit the needs of the partners involved.
With our project management skills, we can provide the safety rope needed. You need not worry about the survival of your business after a secession.
We can coordinate with our legal team to make sure all relevant paperwork is ready. If you have your attorneys, we can work with them as well. We cover the drafting and filing, getting the documents and forms where they need to go.
The survival of a business is never certain at the start. The first few years are crucial, but also the most difficult. Losing a partner or financial backer can bring ruin.
Get one of our business secession solutions and prepare yourself for such a loss.