Covering all the bases – Both your business and estate plan can benefit from a buy-sell agreement
Abstract: A buy-sell agreement provides for the disposition of each owner’s business interest after a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business. However, to be effective, the agreement must include the appropriate provisions. It also should be part of one’s estate plan if the person has an interest in a family-owned or other closely held business. This article explains the ins and outs of a buy-sell agreement.