Our team of attorneys truly care about you and your family, not just theoutcome of your case.
Hire Our Port St. Lucie Buy-Sell Agreement Lawyer
Protect Your Best Interests with Crary Buchanan Today
When businesses are first formed, there is often much enthusiasm and excitement involved. Although many entrepreneurs and business owners try to avoid conflict or contention, some issues may inevitably cause friction or disagreement. In these instances, it is encouraged that you speak immediately with a skilled Port St. Lucie business law attorney from Crary Buchanan.
In some cases, one or more partners will desire to leave the company. In other cases, an owner or shareholder will die or become disabled. When these situations present themselves, a number of problems could arise. Ensuring that you have an effective and protective buy-sell agreement put into place will be one of the most effective ways to ensure any business dispute does not kill your company or jeopardize your business interests.
You need to make certain your business is protected completely.
Contact the Port St. Lucie buy-sell agreement attorneys at Crary Buchanan by calling us at (888) 899-8161.
One way to assure that business complications and potential disputes do not kill your company is by having you and your partner(s) write up a buy-sell agreement. This agreement is like a will or a pre-nuptial agreement for a business. It is also called a business continuity agreement because it helps a company continue even when setbacks occur.
What is a buy-sell agreement? What can it do for a business?
A buy-sell agreement is comparable to a will or a pre-nuptial agreement. Much like a will or “pre-nup”, a buy-sell agreement protects the business and the individuals involved in the business relationship. It is sometimes referred to as a business continuity agreement because it helps a company continue even when setbacks or disputes occur.
The most common events that lead to buyout agreements are:
- An owner or shareholder choosing to leave the company
When a business owner decides to leave the company it may be done in anger. Often angry partners will not be able to come to any agreement about how to transition the company and divide assets. Unfortunately, this inability to agree may lead to the end of the business. There could also be the issue of a buyback situation.
When an owner dies, it can be very difficult to figure out how his or her position will be filled as well as what to do with his assets. There is also the possibility that an heir will come to fulfill the position, which could cause additional problems. As experienced business lawyers who have served the local community for decades, we know that you want your business to run smoothly. If a change to the status-quo has recently occurred, our Port St. Lucie business law attorneys work hard to make certain the transition does not ultimately harm your business.
Our Firm Can Help You Draft a Buyout Agreement
In most cases, the solution is simple: a buy-sell agreement, also known as a “buyout agreement.” Essentially, this agreement decides how and when an owner can sell shares and what price he can sell them for. Such a document should be drafted for any and every company that has multiple owners. It is even preferable for those under sole proprietorship for when the business is passed on to another owner or heir.
The agreement can include what is called a “drag-along-and-tag-along provision” that essentially deals with companies that have majority and minority owners. Most agreements will include a clause for “right of first refusal.” This means that when one partner desires to sell his shares to an outside entity or individual, the other partner has the opportunity to match the price and buy the share themselves so that they do not have to deal with an outside party.
Let our Port St. Lucie business attorneys help!
Writing up a buy-sell agreement is best done under the guidance of a legal professional. This can assure that all parties involved are treated fairly and appropriately. Naturally, when this document is drafted under favorable conditions, a fair compromise is more likely to result and we can make sure your interests are completely protected.
There are a number of legal requirements that go into such a contract and the best way to make sure all standards are met is by hiring a business law attorney from our firm. Crary Buchanan is a law firm dedicated to helping our clients succeed in all their ventures. We want to make sure your business can weather even the most extreme disagreement.
Want to learn how we can help you and your business? Call Crary Buchanan today and schedule your free case evaluation.