Is your business partnership splitting up?

Leaving a partnership can be a little like getting a divorce.  In many cases emotions run high.

Once the decision has been made, it can also be hard to work out where to start with the planning.

Issues you need to consider include:

  • What does the Partnership Agreement say about how the exit it to take place?
  • What notice needs to be given?
  • How will the Purchase Price be determined for the buy-out?
  • What happens with work-in-progress (WIP), debtors, creditors, prepayments, etc?
  • How is responsible for the real property leases (and guarantees)?
  • What will be the tax impacts for the exiting partner and the continuing partners?
  • Will the existing partner be under some form of commercial ‘restraint of trade‘?
  • If the business turns down or loses clients after the exit, will the existing partner be required to pay back some of the Purchase Price?

For a full list of the issues you need to consider, download our Partnership Exit Checklist.  Our Checklist contains 10 pages of useful questions that need to be answered and action that needs to be taken.

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20190502 Checklist Partnership Exit Issues(Updated) 0 1410 downloads

Partnership Exit Issues Checklist ...

To put in place an effective strategy for a quick and clean exit, call us on 1300 654 590 for a confidential chat or email us.

What to do next

We have seen business partnership break-ups go on for years (literally). The problem in most cases is that the Partnership Agreement (if there is one) does not have an adequately prescriptive process to follow for a quick and clean exit. To avoid things dragging on (and on) get us involved early. We have seen it all before, and can cut a lot of grief off at the pass.

Call us now on 1300 654 590 for a confidential chat or email us.

Our Great Lawyer Guarantee

We want to be part of your team over the long term. We'll achieve this by sticking closely to the following principles:

  • We'll listen carefully to understand what you want to achieve. Then we'll thoroughly explain our advice and step you through the documents. You can be sure you'll know the full consequences.
  • Our lawyers work as a team, so someone will always be available to answer your questions, or point you in the right direction. You will also benefit from a range of perspectives and experience.
  • One of our key goals is to pass on as much knowledge as we can, so you can make your own informed decisions. We want to make you truly independent.
  • We only do what we're good at. You can be confident that we know what we're doing and won't pass on the cost of our learning.
  • For advice and documents, we provide a fixed or capped quote so you don’t take price risk. If you're in a dispute, we'll map out the process and costs so you know what to expect.
  • We're not in this game for our egos. We're in it for a front row seat to witness your success.

We measure our success on how efficiently we have facilitated your objectives, enhanced your relationships, and reduced the level of stress for all involved.

If we sound like people you can work with, call us now on 1300 654 590 and speak directly with a great lawyer.

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