When developing a business succession plan, a common question asked is, “What would happen if the unexpected was to occur, namely, if you or another business owner were suddenly unable to continue in the business due to death, disablement or a traumatic event?”
Buy/sell agreements may often form an important component of a business succession plan; they may assist in a smooth transition between a departing owner and the remaining owners who wish to carry on with the business.
Watch our animation for further insight into what a buy/sell agreement is, and how it may help with business succession.