Too many business owners make the mistake of failing to plan their exit from the day they start their business. Business partners will want to be paid a fair price for their interest in the business and their partners will expect the same rights.
Hicks Oakley Chessell Williams can offer advice on:
All business proprietors will experience a succession event at some point, either due to death, illness or disability (an involuntary event), as a result of an equity sale or retirement (a voluntary event) or a ‘default’ event (a breach of an agreement between the proprietors). Voluntary/planned trigger events and default events are generally dealt with in a separate shareholder or unit holder agreement, while a buy/sell option agreement deals with involuntary trigger events.
It is important to have both agreements in place to cover transfers of business interests in all circumstances.
Law Institute of Victoria Accredited Specialists - Business Law