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What would happen to your business in the event of your death? What if a co-owner or important shareholder suddenly left? It's difficult to predict the future, but you don't need a crystal ball to know that sudden changes like this can rock the very foundations of a business.
Do you know what would happen to your business if one of the owners left? Whenever someone important to a business departs, whether it's through death or retirement, conflict is bound to occur. This conflict can often sink a business, which is why it's smart to have a legally-binding buy-sell agreement in place.
The business world is full of complicated, nuanced contracts. Buy-sell agreements can often be particularly confusing for business owners. Here are a few key things that you need to know in order to understand a buy-sell agreement.
You've worked hard to get your business off the ground, but all good things must come to an end. In the event that you or a co-owner must take leave of the business, whether that is by circumstances out of your control or by choice, it's important to have a plan in place. One thing that should be a part of every businesses succession plan is a buy-sell agreement. So what exactly is a buy-sell agreement and how can it make your business more secure?
Succession planning is a must for any prudent business owner, and a buy-sell agreement is often the cornerstone of a succession plan. But what are buy-sell agreements and why do you need to have one in place for your business?
You understand your business better than anyone else, and you have a general idea of what your business is worth. However, how do you quantify all of the time and energy that you've poured into growing your business? When it comes to business valuations, tangible assets and liabilities are just one part of the equation. The goodwill that you have built also constitutes a considerable portion of the value of your business.
We recently dedicated a blog post to the topic of funding a buy-sell agreement with life insurance. Most prudent business owners have a buy-sell agreement in place as it serves as a legally-binding agreement that governs the situation if a business owner is to die or leave the company. One of the most common ways for a buy-sell agreement to be funded is through life insurance.
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