How a Restaurants Business Hired a Lawyer to Draft a Buy Sell Agreement in Colorado

In 2022, a business operating in the restaurant industry in Colorado sought assistance with drafting a buy-sell agreement. The client, an S-Corp established in 1985, comprised four equal partners, each owning 25% of the business. They aimed to create a straightforward arrangement ensuring that, in the event of a partner's death or decision to sell, the remaining partners would have the first right of refusal for the shares, with a process for valuation based on a predetermined formula updated annually. As a result, the client received four proposals from licensed lawyers, with flat fee bids ranging from $795 to $1500. All proposals were submitted to meet the client's requested deadline of over a week.