So you arrive at the office tomorrow morning and find out your partner:
had an accident/illness and is now in the hospital disabled and can no longer work;
is divorcing from his/her Spouse;
is being sued personally;
is filing for bankruptcy;
needs to be fired;
just wants out of the business;
is ready to retire;
has lost his/her professional license;
is using his/her equity in the company as collateral for financing a speculative investment;
doesn’t agree with you on the direction of the company and there is a deadlock;
wants to give his/her equity in the company to his/her son, the couch-potato;
has been approached by a major competitor who wants to buy out his/her shares in the company.
If you don't have a Buy/Sell Agreement, or if the one you have doesn't work, you could wake up with a NEW PARTNER, such as:
Your former partner’s spouse;
Your former partner’s ex-spouse;
A court appointed conservator;
Your former partner’s children;
A creditor of your former partner;
A bankruptcy court trustee;
One of your competitors;
Some third party investor.
Do you have a business succession plan?
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