Buy/Sell Agreements, Another Hypothetical Situation

Let’s say your business partner is a semi-retired older gentlemen everyone around the office affectionately calls “Grandpa.” Tragically, Grandpa dies in a car accident. Even more tragically, he has a number of children and grandchildren, and his Will divides everything equally among all of them. Not just the children, but the grandchildren as well, including his young granddaughter whose fiancé has a nose ring, studs in his lips and a tattoo of Charles Manson on his forehead. Guess what? He’s your new partner, and you don’t have the money to buy him out.

Again, what are you going to do now?

Next post: one more example.

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