Make provisions, or state partnership laws may do it for you.
By Marc Rosenberg
Retirements & Buyouts
Twenty to thirty percent of all accounting firm partnership agreements have no provision for goodwill-based retirement payments to partners departing due to death, disability, retirement or withdrawal.
MORE ON RETIREMENT: The Top 10 Mistakes in Partner Retirement Plans | 20 New, Essential Keys for Today’s Partner Retirement Plans | You Want Goodwill Payments? Give Proper Retirement Notice | Compromise Is In Order for Some Goodwill Payouts | Three Ways to Calculate Goodwill Payable in Partner Buyouts, None of Them Great | The Ins and Outs of AAV for Goodwill | 5 Points to Consider When Paying Out Goodwill | How to Set Terms and Limits for Goodwill Payouts
They’re in for a rude surprise.
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