the simple details: I was a partner in a firm back in 2009. I was laid off and as part of the package I was promised (its in writing) a certain amount in the case of a "liquidity event", i.e. if and when the company is sold. I have no idea when it will be sold. I am curious about discussing transferring the eventual payment to a third party in exchange for cash today. Assuming this is legal and I find a third party, I presume some negotiations will be needed. What kind of attorney can guide me through this? Or does anyone know if this is not possible? thanks
Often the agreement contain a provision you cannot assign an interest. Check with local counsel to review
Contact local consel
As with most such circumstances, we would need to read the relevant documents and hwave a short conversation with you on what the documents and current law have to offer. As with all similar matters, I would highlight that you may know know what you "don not know" ...and so a conversation with a busienss development attorney would be most helpful.
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Even if you have the right to assign your rights under the agreement, it may be difficult to sell your interest to a third party. Have you approached the company to see if it is interested in buying you out?
Your rights under the agreement are generally governed by the terms of the agreement itself. If there is no limitation on assignability, you may sell to any willing buyer. I agree with other counsel that the market or marketability may depend on the possible current or future valuation of your "share" so you may not be able to garner as good a result as if there is some basis for a buy back. An experience business or "transactional" attorney may be able to negotiate on your behalf and many offer a free consultation. The actual time commitment to contact the company may be minimal, so it may be cost effective to talk to an attorney and work out a budget or a flat fee arrangement for the negotiation and documentation of any "buy back" or sale to a third party.
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