Own a Small Business or Considering One? 5 Basics to Know About Buy-Sell Agreements

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When starting a business, having a partner brings some obvious benefits over going it alone, but what happens if both individuals decide to eventual go their separate ways or one faces a life-altering event or death? A buy-sell agreement can plan for any of those happenings, among a long list of others. In general terms, a buy-sell agreement is an agreement between the owners of the business that, upon the occurrence of a triggering event, a departing owner will sell his interest in the business to the remaining owner based upon pre-determined terms. The benefits of buy-sell agreements are plentiful and with proper planning and consideration, they can be a valuable piece of a business owner’s estate plan. Before jumping in head first, here are six things to know:

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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