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Breaking up is Not hard to do – Part B

Guest: Tiffany O’Connell,

Featured Topics:  Dissolving a Business Partnership

Dissolving a business partnership

This episode is the second part of our conversation about the issues of dissolving a business partnership.

The facts are that dissolving or breaking up a business partnership is generally more difficult, more drawn out and often more expensive than beginning one.

It almost goes without saying that without a written business partnership agreement and in the absence of a buy-sell agreement, breaking up a business partnership will not be easy.  Don’t get stuck in your business because of lack of pre-planning and preparation.

Even when a the partners in a business have done their homework, used and reviewed an annual business partnership checklist, have vetted and written legal agreements in place, the emotional issues can outweigh the mechanics of a ‘business divorce’.  The emotional separation issues can become the single most important factor in why partners get stuck in their business.

In the best of cases, it will take 2 -3 months to wind up a partnership. All too often the dissolution process takes much longer, can be quite costly and filled with emotional strife and discord.

Listen to this podcast as we continue our discussion with Attorney and Exit Planning Advisor Tiffany O’Connell about the mechanics of dissolving a business partnership.

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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

Business partnerships get broken up or are dissolved for many reasons, often because the death or disability of one of the partners. It is imperative to have a buy-sell agreement in place with an associated life insurance policy to prepare for these situations.

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.