This is going to be quite a specialised document and hence, it needs to be done properly and it’s not something that I would suggest that you tried to do yourself. It’s not something that we could do for you on here unfortunately because of the potential complexities.
What you need to consider is what happens if things go wrong? What happens if the business closes or is no longer profitable cannot sustain paying you?
Is there going to be any spouses payment (usually 50%). Are you going to be required to do any work at all either in the short term after retirement in the long term? Suppose you either don’t want to or are incapable.
So what you need to consider is exactly what’s going to happen when things go wrong. You don’t need an agreement when everything goes right, only when it goes wrong.
A high street solicitor would probably charge between £500 and £1000 plus VAT for drawing up the necessary retirement and ongoing payment deed. It’s unlikely you would get it for less than that because there is a lot of work involved although you may find that some solicitors may charge double that. At least you know the kind of money that you should be looking at.
Can I clarify anything for you?
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