Do you know what will happen to your business if your partner leaves or passes away? What about if you become disabled? Most business owners cannot definitively answer this question because they do not have a “business prenup” or “business will”- more formally known as a Buy-Sell Agreement.
A Buy-Sell Agreement includes provisions for death, disability, retirement, divorce, and voluntary and involuntary transfers (including sales and bankruptcy) of a company. The agreement sets forth how the owners of a business can sell their interests, who they can sell them to, when they can sell them, and how much they can sell them for. This is necessary- no matter who you are in business with! Without provisions that address these kinds of issues, owners are faced with increased financial risk. Protect your interests! Any honeymoon period can end- one way or another- secure your business prenup today!
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