Why do I need a succession plan?
A business succession plan will protect your business from the impact of your death or incapacity. Without planning ahead, you could quickly lose the business you’ve worked so hard to establish. Business succession planning ensures that your interest in your business is protected if you die, become incapacitated, or retire.
Do I need a Buy-Sell Agreement?
If you have partners or other family members who own the business with you, a Buy-Sell agreement is essential. Without one, you may find yourself in business with someone’s spouse or child who may not want as a business partner.
You may consider a Buy-Sell Agreement if you do not plan to pass your business down to your children. This type of agreement guarantees that you or your loved ones will receive the fair market value of your interest in the business if you sell it at a future date. A Buy-Sell Agreement is a binding agreement between you and someone who agrees to purchase your interest in the business in the future.