As a business owner, you spend many hours working and developing your business. But have you thought about what would happen to your business should you or your partner become disabled or die?
To preserve the future of your business, it is important that you create a business continuation plan. Such plans often include a "buy-sell" agreement. A buy-sell agreement, funded by Life Insurance and written while the owners are alive, ensures that your heirs can sell their share of the business to surviving owners - and that the surviving owners can buy their share. Each owner also agrees not to sell their interests without first offering it to the remaining owners at an agreed-upon price or formula. Consider the following options for your business:
