What are buy-sell agreements?
Buy-sell agreements are a crucial for any business with multiple owners. Well-drafted buy-sell agreements create a structured plan for the transfer (i.e. buy-sell) of an owner’s business interest based upon certain defined events (“Trigger Events”). Common trigger events are death, divorce, disability, withdrawal or bankruptcy, and the owners can define other trigger events as well.
Key provisions of this plan include (a) setting an agreed upon valuation method for an owners’ interest upon the occurrence of a trigger event; (b) a process and timeline for transferring the interest and (c) how the purchasing party is going to pay the selling party.
Are there any other benefits to buy-sell agreements?
Another benefit of a buy-sell agreement is the protection and continuity of the business. For example, you can protect the business from ownership by unintended parties such as the ex-spouse of a divorcing owner, or heirs of a deceased owner. For these reasons and many others, a buy-sell agreement helps ownership “de-risk” and ensure continuity of operations.
How can Adishian Law help?
Can Adishian Law draft our Buy-Sell Agreement?
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