Ending any partnership is challenging, especially when a business is involved. It’s often akin to a divorce due to the emotional aspects that will be involved.
Our client was a professional services firm, one partner wanted to leave, and the other partner wanted to stay. We found that neither partner had signed the partnership agreement when starting the firm; meaning we had to establish the terms on how the partnership would end.
This involved untangling a very complicated and long partnership between the two parties and ultimately dividing the value, and assets, of the business between the two partners.
We approached the situation in a sensitive manner to make sure both parties were happy with the terms agreed and the exiting partner could leave the firm knowing their input over the last few years hadn’t been wasted. Even though we were there to help and guide our client through the process they still found it very stressful. It is always helpful to have professional help and support when ending a partnership or exiting a business as doing it alone can be extremely challenging and emotional.
We were pleased that our assistance in this matter eased the burden for the partners and made for the smoothest separation possible.
Please contact us if you are looking at ending a partnership or looking to exit a business or partnership as we can help you navigate this as smoothly as possible.