Whether you own a business or a house, it’s important to protect and appropriately prepare for your succession. For businesses, a buy/sell agreement is essential for a smooth transition of ownership in the event of a business owner’s disablement or death.
What is a buy/sell agreement?
Business partners generally enter into these agreements, where in the case of a specific event occurring (such as the death of a partner, divorce, bankruptcy, retirement or disability), the surviving partner has the option to buy out the other’s interest in the business. It is often linked to the life insurance policies of each partner, which provides the partners with the money required to buy out the other’s interest.
Why do I need a buy/sell agreement?
Without a tailored buy/sell contract, many issues could arise in the business transfer, from huge delays to unsatisfactory outcomes such as being stuck with a business partner you had not intended. Your family can be left with the burden of dealing with resulting legal expenses, in addition to the personal issues they must also deal with in such events.
Property and estate planning law is a very personal matter, so it is crucial that you are guided through the process by a lawyer and firm you can trust. Gladwin Legal works closely with you to ensure that it meets your individual needs to protect your property and estate. We can assist you by preparing a buy/sell agreement, tailored will, trust or power of attorney to suit your needs.