Although the dissolution of a business partnership might not be the first thing a new business owner wants to think about, business exit planning is important for any business owner. When an owner or a shareholder of your company joins or leaves your business, it can cause tremendous upheaval. That is why business exit planning is crucial. A business exit planning lawyer will be able to advise you on how to structure your corporate governance documents to handle such a situation and can walk you through the consequences of bringing on a new business partner, owner, or shareholder of your company or losing an old one. If you are specifically worried about disputes between co-founders, you can learn more about how to protect against common problems that arise here.
Prepare for your first meeting or call with a corporate lawyer who specializes in business exit planning by completing Priori’s "Owners Joining and Leaving" worksheet. This checklist explores business exit planning issues that can help with the dissolution of a business partnership or the loss of a shareholder of your company. Using Priori's checklist, which details key issues related to an owner joining or leaving your business, you’ll be able to think through the most important issues and facts regarding business exit planning before your meeting with your lawyer. You can then send relevant information to your lawyer before your meeting, so your business exit planning lawyer can prepare ahead of time and make your interaction as productive and cost-effective as possible. If needed, Priori can also connect you with a lawyer in our vetted network who is an expert in business exit planning and can assist you with these and other corporate governance questions.