DETERMINE THE RULES OF THE GAME UPFRONT
Any business owner, whether they are the sole owner or in a partnership, should become knowledgeable about buy-sell agreements. In the event of financial problems, death, divorce, or retirement you do not want to be without one.
A well-prepared agreement will cover all bases including:
- Purchase or sale of stock
- Determine a Course of Action were problems to arise from finances, death, divorce, retirement, etc.
- Means of payment, who shares will be transferred to, and voting power.
The benefits of having an agreement goes far beyond the cost of drawing one up. Having set instructions will help prevent infighting between partners, spouses, and family members were any of the above mentioned events were to occur. An agreement will ensure the business remains intact and running as usual.
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AUTHORED BY TRENT READ
Trent has been a CFO of two venture/growth equity-backed companies that ranked on Inc. Magazine’s list of fastest growing companies in the country which he successfully led from their infancy to full liquidity events. He began his career as an Analyst in investment banking with Deutsche Bank. He was then a Senior Financial Analyst for a $200 million business unit of Honeywell. He then returned to investment banking as an Associate and then VP at Wachovia Securities and Sagent Advisors respectively. He worked with media, digital media, telecom, software/SaaS, and internet infrastructure companies on transactions that varied from multi-billion dollar LBOs to small growth equity capital raises. Trent is now a partner at EP and is the head of EP’s Utah valuation practice.
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