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Commonly Asked Questions about Business Buy Sell Agreements

A buy-sell agreement provides a plan for the orderly transfer of any owners business interest. Consider a buy-sell agreement for your business if: You have two or more owners. You want to provide protection in the event of any owners termination of employment, retirement, divorce, disability, or death.
Disadvantages: (1) The fixed price becomes outdated due the constant evolution of a business; (2) Owners seldom know the true value of a business and set unrealistic prices; and (3) Different triggering events may cause different values (i.e., death of an owner, retirement of an owner, removal of an owner, etc.).
In essence, a buy-sell agreement is a legally binding contract that stipulates how a partners share of a business may be reassigned if that partner were to die or otherwise leave the business. Buy-sell agreements are commonly used by sole proprietors, closed corporations and partnerships.
There are four main types of buy-sell agreements. A redemption or entity purchase, a cross-purchase arrangement, a one-way buy-sell or a wait-and-see buy-sell. To choose the best type of agreement for your clients, consider the following: Business entity structure: What type of business entity does your client own?
A buy/sell agreement is a contract between the members of an LLC that provides for the sale (or offer to sell) of a members interest in the business to the other members or to the LLC when a specified event or events occur.
A buy-sell agreement must clearly identify the potential buyers, any restrictions and limitations, and the conditions under which a sale will occur. Insurance is generally the most cost- efficient way to fund a buy-sell agreement.
If you dont have a binding buy-sell agreement in place, your business is at risk. Without a clear succession plan, disputes can arise among partnersor their surviving spousesthat lead to loss of valuable time, increased expenses, and costly litigation.