Buyout provisions can have unexpected consequences
Many businesses have a buyout agreement that says that if one owner retires or resigns, the others can buy out his or her interest at a certain price. These agreements are a smart idea for retaining control of a company. But you should keep in mind that they can sometimes be used in ways you wouldn’t expect. For instance, Irvin Gordon was a member of a professional firm in New Hampshire. His agreement said that if he died or resigned, the other owners would buy out his intere
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