It’s not too late – Make sure your construction company has a buy-sell agreement

Description

Abstract: A buy-sell agreement is a contract among a construction company’s owners that sets parameters for the transfer of business interests. Yet many construction companies soldier on without one until, sometimes quite suddenly, an ownership change occurs and the business is thrown into chaos. There are a variety of ways to create an agreement (cross-purchase vs. redemption) and fund it (such as sinking funds, loans, savings plans, installment purchases and life insurance). It’s complex, but doing without (or failing to update) a buy-sell agreement is far more dangerous than confronting the task of creating one.