In the event of your partner's death, who inherits the remaining equity
of your company? You want to buy
out the remaining share, but you don’t have the cash to do it… and
you’ve just inherited a new partner (usually your deceased partner’s
spouse) who doesn’t know your business, and can't add any value on a
day to day basis - nor do they want to. What do you do?
You need a buy-sell agreement. A buy-sell agreement
is an arrangement where the company buys life insurance on each
partner, so in the event that they die, the
company (or surviving partners) have the cash to buy out the
remaining equity from the deceased’s family. The surviving family is
happy, you are happy and the company can move forward.
It's not as expensive as you might think and
everyone benefits.
We can help you get this started. Inquire
below, or simply call us at (949) 394-7676 - William Lorenz.
