Buy-Sell Agreements - The Basics
Starting your own business is exciting, overwhelming, and consuming. Entrepreneurs live and breathe their businesses every minute of every day, and for good reason. No matter what your new business is, it will demand all of your time - and then some. In spite of all the time and attention entrepreneurs dedicate to their businesses, there are two major considerations that new business owners frequently fail to recognize: How will you get out of your business when you wish to retire? What will happen to your business if you or one of the other owners pass away or become disabled? It is absolutely inevitable that both you and your co-owners (if any) will separate from the businesses eventually, whether by retirement, disability, or death. It is important that you plan ahead for these occurrences. Buy-Sell Agreements -- The Basics A buy-sell agreement , in simple terms, is a document that can help you plan for the eventual separation of a business owner from the company...