At Mathis, Marifian & Richter, Ltd., our business succession lawyers can help businesses prepare for the time when a partner or founders leaves the organization. Whether this is due to an argument, death or retirement, creating a buy-sell agreement can prevent litigation and ensure the future survival and success of the business.
Examples of the different types of buy-sell agreements include the following:
- Agreements that merely limit the power of a shareholder to sell stock with consent of the board of directors or other shareholders
- Agreements that allow other shareholders to purchase stock or provide a right of first refusal
- Agreements that impose a duty on shareholders to buy the stock of any shareholder who dies, is decided to be incompetent, or retires or otherwise withdraws from the business.
When drafting your buy-sell agreement, we will base all decisions on the best interest of your business and on your unique objectives. A buy-sell agreement can be thought of as a “business will” and by letting us help you prepare one now, you are saving yourself and your business from future distress should a partner choose or be forced to leave. In the case that an existing buy-sell agreement is in dispute, our attorneys have the business succession litigation experience to represent you in court.