When a business owner or partner dies unexpectedly it can wreak havoc in terms of infighting among partners or between the deceased family members and partners, tax implications, and other problems. A Buy-Sell Agreement from Sinclair Risk & Financial Management can help stem the challenges remaining stakeholders face when an owner or partner dies.
A Buy-Sell Agreement is a contract between business partners and stockholders in closely held corporations, and can specify who can buy a departing partner’s share of the business and establishes a fair price for the partner’s stake. The agreement also describes how to determine a company’s value if all the owners decide to sell.
Buy-Sell Agreements also help businesses provide a smooth transition of complete control and ownership to those responsible for keeping the business going, and assist in assuaging any customer concerns.
Keeping the business going with clear terms in place.
The amount of a Buy-Sell depends on the number of owners and anyone else who may have a financial stake in the business. The financial planners at Sinclair will help you determine the type of agreement required, the amount you need and the methods of funding the buy-sell, including the use of Life and Disability insurance. Give us a call to discuss your needs at 203.265.0996, email, or return the form on this page.