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CLIENT CARE BEYOND COMPARE

We work with clients around Australia with most of our client meetings conducted over the phone. We can set up teleconference calls so that the Advisers can participate in the discussion between the lawyer and the clients. More often than not, the clients meet with the Adviser in their office for those phone 'meetings'.

 

Peter M. Cain Reg. No. E0023035 Irongroup Lawyers

EXIT AGREEMENTS

 

Introduction

 

When people own a business a lot of their wealth can be tied up in it.

However when two or more people own a business, more often than not, the departure of one of the owners has not been clearly
and properly dealt with in a legally binding manner.

 

In practical terms, an exit by one of the partners is inevitable, sooner or later.

These reasons could include retirement, a disagreement or even a divorce as part of a financial settlement. So if they
have to exit the business - what happens then?


The need for an appropriate legal agreement between partners may seem self-evident - but some sources indicate that as many as 95% of
businesses may not have the right kind of agreements in place!


This can lead to immense problems not only for the departing proprietor, but also for the business and the remaining
business owner(s).

An Irongroup Lawyers Exit Agreement is an agreement between co-business owners that sets out the terms under which a proprietor can exit the
business.
Irongroup offers business owners two options.

 

The first is a non-compulsory agreement whereby one partner must give the other(s) the first right of refusal to buy their share.
This type of agreement however, puts them under no obligation to buy that share. (Most common partnership agreements do just this!)

 

The second option is a compulsory agreement. Under this option the departing partner can force the remaining partner or partners to buy
their share of the business.
This has very quickly become the preferred option amongst business owners.

 

For more information on our Exit Agreement email us today info@irongrouplawyers.com and request a copy of our Insight.