Small Business Succession Planning

Buy/Sell Agreement and Key Person exit strategies.

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When you start a business, your focus is on growth, profitability and running it successfully. The last thing on your mind is what would happen in the event of you falling seriously ill or even passing away. Having business succession planning in place such as a buy/sell agreement and key person exit strategies ensures you have a plan for the future when it comes to your business.

Buy/Sell Agreement

A Buy/Sell Agreement gives remaining co-owners of a business the opportunity to buy out the interest from one of the owners who has caused trigger events such as passing away, becoming disabled or retiring. Often referred to as a ‘business will’, the agreement determines the terms under which the remaining co-owners takes over another co-owner’s interest.

There are many reasons why having a Buy/Sell Agreement is beneficial. It prevents external people from acquiring ownership interest, ensures business runs smoothly and prevents involvement from others who do not understand the business.

If there is no Buy/Sell Agreement, conflict and deadlocks makes business dealings difficult. The last thing that you would want is a falling out between the other co-owners. Having a buy/sell agreement puts measures in place should unexpected events or circumstances arise.

Key Person Exit Strategies

Running a business successfully requires a lot of effort and hard work. If an unfortunate event occurs, it can be messy and become a legal nightmare. Having key person exit strategies will give you peace of mind once you decide to leave the business.

There are numerous ways that people can leave a business. They include selling the business, transferring shares in the business to others or officially shutting down the business. Whichever you prefer, it is essential to have a plan.

Future proof your business and talk to us today to discuss your business succession plan. We would be happy to provide you information about a buy/sell agreement and key person exit strategies so you make the right decisions for you and your business partners.

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