Business Succession Planning
Effective business succession planning will protect your business in the event of your death, incapacity, or retirement.
Creating a business succession plan is a way to safeguard the value of the business and ensure it is not negatively affected by any transitions that take place. For example, utilizing a Buy-Sell Agreement which is an agreement made between an owner or owners of a business and future purchaser(s) of that business.
A Buy-Sell agreement sets the terms of the transfer of the business upon the happening of a triggering event such as the owner’s death, incapacity, or retirement.