{"id":124627,"date":"2024-04-24t17:00:55","date_gmt":"2024-04-24t21:00:55","guid":{"rendered":"\/\/www.g005e.com\/?p=124627"},"modified":"2024-06-10t23:08:20","modified_gmt":"2024-06-11t03:08:20","slug":"help-a-partner-wants-to-retire-really-early","status":"publish","type":"post","link":"\/\/www.g005e.com\/2024\/04\/24\/help-a-partner-wants-to-retire-really-early\/","title":{"rendered":"help! a partner wants to retire really early"},"content":{"rendered":"

\"six<\/strong><\/p>\n

how big should the buyout be?<\/strong><\/p>\n

by marc rosenberg<\/i>
\nthe rosenberg practice management library<\/i><\/a><\/p>\n

question from a reader:<\/strong> we didn\u2019t contemplate an owner leaving before normal retirement age unless it was because of death or disability or we had to fire them. however, as we were discussing hypotheticals at a recent partner meeting, we came to the uncomfortable conclusion that, currently, there\u2019s nothing to stop owners from accumulating large buyout balances and just walking in one day and offering up their resignation pursuant to our partner agreement, thus entitling them to receive substantial buyouts as long as they give us a one-year notice. our vesting provision has a very limited penalty for early retirement: the buyout is reduced by 2 percent a year for every year before 60 they leave.<\/p>\n

more: <\/b>thirteen traits of partners you\u2019ll want to keep<\/a> | six rules for keeping partners happy and productive<\/a> | five ways to separate accounting winners from losers<\/a> | core values: why your firm needs them<\/a> | voting on ownership basis? three better methods<\/a> | fifteen big questions for your next strategy session<\/a>
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no matter what, we need to modify our agreement so that if someone wants to leave early, they can do so, but they must know there will be a stiff penalty. we don\u2019t want our partners to see their vested buyouts as large savings accounts that can be withdrawn at any time. instead, we want them to see our buyout as a true retirement plan, one that is redeemed close to or at a normal retirement age. my current thinking is that we restrict it in a similar way to an employer-funded retirement plan. the first day you can withdraw is the day you reach 55\u00bd, subject to vesting provisions and stiff penalties for early withdrawal. we think there should be a minimum number of years as a partner in order to receive any buyout.
\n read more →<\/a><\/p>\n