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Why a Simple Buy-Sell Agreement Ain’t So Simple

Why a Simple Buy-Sell Agreement Ain’t So Simple

By Nina Kaufman, Esq.

The portion of a partnership agreement that’s often referred to as a “buy-sell” agreement, can really help simplify matters if a business partner dies or becomes disabled.  But is it really “the simple solution,” as Robert Cavanaugh seems to indicate in his blogpost?  I would argue “not quite.”  Buy-sell provisions have to be addressed carefully for the following reasons: Most buy-sell agreements tend to cover only what happens in the event of (1) death, (2) disability, or (3) a partner’s wanting to leave the business.  Many of them don’t address (1) divorce of a business partner (another way to encounter the unpleasant surprise of being in business with your partner’s spouse), (2) deadlocks (where you want to kick someone out), or (3) a tantalizing third-party offer to purchase. Death and disability buyouts can be funded with insurance.  The majority of the other situations — a partner has a lifestyle change and wants to leave or be bought out of any other reason — cannot.  This means that you ( or the company) has to come…

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Nina Kaufman

Flying solo doesn’t have to mean going it alone.

I’m Nina Kaufman.

I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.

With wide-ranging experience as a business attorney, strategist, and media authority, I bring the added power of a business lens to the legal issues my clients are facing.

And because I’ve been a business owner myself, I’ve lived through the soaring highs and devastating lows – like when my first law firm failed. So I understand what’s involved to serve great clients, detect business risks early and build a true legacy.

I can’t get those 12 years back. That’s why I have made it my mission to ensure that business professionals like you can become wise and discerning leaders, build a solid business, and live your best life.