Do You Need a Buy-Sell Agreement?
As a family business begins to plan for its longevity, a buyers - sellers agreement can play a very critical role. These agreements provide a thorough description of how ownership will transfer at the time of the death or incapacity of the business’s owner. While buy-sell agreements provide a deal about how the heirs of a deceased or disabled owner will receive assets from a company, clients often wonder whether they need a buy-sell agreement. The answer this question is that these agreements are suggested for any small or mid-sized company that has more than one owner. Also, in situations where a company has more than one shareholder, buyers - sellers agreements are recommended. To determine the value of a buy-sell agreement, it is often a wise idea to retain the assistance of a skilled probate attorney.