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Breaking up is NOT hard to do

Guest: Tiffany O’Connell,

Featured Topics: Creating & Dissolving a Business Partnership

Dissolving a business partnership

This episode concentrates on the issues of creating and dissolving a business partnership.

Many businesses are established as a partnership between two or more individuals, many times friends and business colleagues. All too often this partnership is not formed with enough forethought and planning on how to form this business partnership so that you don’t get stuck in your business with an arrangement that isn’t working well.

Having a partnership agreement that is properly drafted and vetted by a trained legal professional is critical and a necessary consideration for a good exit strategy. (Many partnerships use a partnership template form that is readily available from companies like Legal Zoom and others. These are good starting point but generally don’t include enough specificity about how to dissolve the partnership).

A common business exit option for business owners is to dissolved or break up a business partnership. This business exit strategy works well if the parameters are well defined and agreement upon at the beginning. Creating a buy-sell agreement is a necessary component of this.

Listen to this podcast as Attorney and Exit Planning Advisor Tiffany O’Connell discusses her business partnership breakup with host Joel Goobich.

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Terms/Concepts

Business Partnership, Partnership Agreement, Partnership Checklist, Buy-Sell Agreement, Dissolving a Partnership

The Big Picture (Episode Feature) Question(s)

Did you and your partner(s) hammer out your common objectives for your partnership? If you are in a current partnership – do you review and revise your partnership agreements annually? Have your partnership dynamics changed over time?

Featured Guest Information

Tiffany O’Connell
O’Connell Law LLC
550 Cochituate Rd. Suite 25
Framingham, MA 01701
www.oconnelllawgroup.com
Phone: 508.2020.1818

Tip/Offer of the Week

Create a partnership checklist. This checklist should include the objectives of the partnership, how the partnership will work, what tasks and responsibilities each partner will have, what partnership issues should be reviewed annually. Make the checklist comprehensive. This is the basis for your written and legal business partnership agreement as well as a resource for amicably dissolving a partnership.

Worksheet of the Week

The partnership checklist

Additional Reading/Links

Sample of Buy Sell Agreement

 

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About the Host

Joel Goobich is a big-picture guy with sharp insight into how individual parts make a strong whole. He has 30+ years of entrepreneurial endeavors; starting, building and exiting businesses. He is tireless in the pursuit of solutions to boost your business and put you on a track to a profitable transition and exit to your next act.