What happens to the surviving owner(s) when something happens to the business or to a partner? Are they protected? Are former owner’s families and/or heirs protected?
As well as is in the ‘Business Succession’ section, there are ways to protect ownership rights of all owner(s) as a matter of good planning. Each partner is usually interested in:
- Fixing the selling price of your share of the business and making sure you get it
- Deciding when to get out of it, what you want out of it, and how to get what you want when you want it
- Controlling who your partners become when your current partners are gone
- Retiring with pride, dignity, and enough money
- Cashing out the interest of an owner who is too sick or hurt to work for a long time
Most, if not all of these can be arranged with proper planning.
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