"I started a business with two partners back in the 1990s. We set up a closely held corporation for the business and signed a shareholders' agreement.
The three of us have gotten along well through the years, so we really haven't had to look at the agreement all that much. But about a month ago, one of my partners, who just celebrated his 70th birthday, announced his intention to retire from the business and asked that we buy out his one-third interest.
We dug out the agreement and showed it to our attorney, who told us it didn't say what to do when a partner retires. Why did we spend so much money on this agreement when it won't work now that we really need it?"
Read more at:
Cliff Ennico: Is it time to review your buy-sell agreement? - The Daily Journal: Local Business:
For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at info@buysellflbiz.com or 239.738.6227. Also, visit our Florida Business Exchange website at www.fbxbrokers.com and my personal website at www.buysellflbiz.com.
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