All business owners would like to be in control of when and how they choose to exit their business, but unfortunately some exits are unplanned, perhaps through the death or ill health of a Partner/Shareholder.
This can be a very difficult time for a business with multiple owners as the interests of the surviving owners are balanced with the interests of the owner who is ill or indeed the family of the owner who has died.
Experience tells us that it is better for all parties to have a contingency plan in place for this eventuality rather than simply dealing with it as and when it occurs.
We can give you guidance in terms of putting an appropriate partnership / shareholder agreement in place which is agreed between all the owners and provides the solution for dealing with this eventuality.
We can also ensure supporting protection is put in place to provide liquid funds to the surviving owners so for example they could buy the share of the owner who is ill or has indeed died, so protecting both parties.