Business owners need a succession plan
Your family, employees and customers rely on your business. What would happen if you were unable to manage your company? It’s time for a plan.
We can help with a business succession insurance plan that will keep your company going with minimal disruption.
A buy and sell agreement is a legally binding contract that stipulates how a partner’s share of a business may be reassigned if that partner dies or otherwise leaves the business. Most often, the buy and sell agreement stipulates that the available share be sold to the remaining partners or to the partnership.
Buy and sell agreements are commonly used by sole proprietorships, partnerships, and closed corporations in an attempt to smooth transitions in ownership when each partner dies, retires, or decides to exit the business.
The buy and sell agreement requires that the business share be sold to the company or the remaining members of the business according to a predetermined formula.
In the case of the death of a partner, the estate must agree to sell.
Contact us now to find the perfect Business Succession Plan
Business Succession Insurance
What would happen to your business if you weren’t there anymore? It’s something we business owners don’t think of often, but if families rely on your business’ income, it’s time to put a plan in place.