Using the Buy-Sell Agreement for Business Succession Planning
If your business partner died, and you do not have a Buy/Sell Agreement, are you aware that your business partner’s spouse or other heirs are now your new business partner? Planning for the succession of your business is an important consideration many business owners fail to make. The Buy/Sell Agreement is a simple solution for most business owners in these circumstances. The Buy/Sell Agreement is a legally binding contract that outlines what happens if a co-owner dies, files for bankruptcy, there is an involuntarily transfer to a creditor (e.g., an ex-spouse), becomes disabled, resigns or retires. Usually, Buy/Sell Agreements are funded...
Continue reading