IT Presentation

1. BUSINESS EXIT AGREEMENTS (It’s hard to make money without one but getting one needn’t be hard) Presenter: Ian Tindale – Director – redchip lawyers Pty Ltd ian@redchip.com.au Ph: (07) 3852 5055

3. How to engage with a lawyer

4. What information a lawyer will need

6. 2000 - I joined the firm

8. Someone needs to control & drive the process

9. Identify who is the best person to drive the process

10. You can see how to make it happen

13. Business sale – sale to third parties

14. Introduction of new partners

15. Management buy out

16. Retirement and partner buy out

17. Sacking and compulsory buy out

18. Involuntary sale and buy out – death, permanent disability Good Business Exit Planning deals with all these types of exit possibilities.

20. The purchase price is funded by insurance

22. It is a process, not simply a sale

23. There is no off the rack solutions

24. Find out if client has a lawyer and if they specialise in this area

26. Information gathering

27. Advice given

28. BEA drafted

29. Insurance written

30. BEA signed and finalised

32. You should then arrange the initial meeting with the lawyers and your client and you must attend.

33. You must be involved in the information gathering process.

34. The advice of all advisors must be consistent – so share it.

37. Client’s won’t sign a BEA without taking out the insurance

39. Who should own policy?

40. Who should pay for premiums?

41. What trigger events will be insured? Death, TPD, trauma?

42. How are trigger events defined? See policy terms

43. How is the business interest to be valued?

44. What will the business need to continue trading post exit?

45. Is valuation greater than insurance cover? If so, what happens then?

46. Are all business owners insured?

47. What if insurer fails to pay out?

49. You - write insurance

52. Be proactive

53. Don’t just refer client to a lawyer

54. Don’t abdicate responsibility for BEA to a lawyer

55. Use the workflow sheet for each client matter and see it through to completion

58. Structures Partnership of discretionary trusts – individual trustee/s – corporate trustee/s – same corporate trustee