Minneapolis Business Succession Planning Attorney, Ivory Umanah, talks about the importance of having a buy-sell with your partner as a business owner.
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You should. And let me just take a moment to explain what that is. A buy-sell is an agreement that you put in place in case one of the business owners wishes to exit the business. You want to be able to have a very economical and amicable way of exiting the business that works for both of you.
The time to do that, again, is when things are good. We advise business owners, if you have more than one owner in the business, you should have a way of getting your interest out without too much acrimony.
If you don’t have that in place, unfortunately, the end result is a lawsuit and complete depletion of the asset that’s there.