Buy/Sell Agreements
You’ve built your business and want to make sure that your family is protected and receives the benefits of your hard work, in the event of your untimely death or disability.
A buy-sell agreement is one tool in succession planning. Simply stated, a buy-sell agreement provides that the surviving owner, owners, or key management personnel designated by you will purchase your share of the business. It can be for a set price, allow for a valuation of the business by an independent business valuation expert, or provide a formula to calculate the business’ value. A key component of a buy-sell agreement is that it provides funding for the buy-out by a cash out or payment on terms. Obtaining life insurance is an important factor in planning for a buy-sell upon your death.
If you need this key component of your business succession plan, a buy-sell agreement-created or updated, trust our team of business and tax attorneys to assist you.