BUSINESS SUCCESSION
Business Succession
A buy-sell agreement, also known as a buyout agreement, is a binding agreement between co-owners of a business that governs what happens if a co-owner dies or is otherwise forced to leave the business, or chooses to leave the business. It may be thought of as a sort of premarital agreement between business partners/shareholders or is sometimes called a “business will”.
An insured buy-sell agreement, (triggered buyout is funded with life insurance on the participating owner’s lives) is often recommended by business succession specialists and financial planners to ensure the buy-sell arrangement is well-funded and to guarantee there will be money when the buy-sell event is triggered.
Insurance can be applied to offset a drop in revenue of a business should a key person die or become totally or permanently disabled.
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