Prepare for the unexpected with a buy-sell agreement

Description

Abstract: Are you prepared for the unexpected? You may not be if your dealership lacks a regularly updated buy-sell agreement. This legal contract between business owners stipulates what happens when the owners voluntarily or involuntarily part ways. Similar to a premarital agreement or a will, a buy-sell agreement helps owners handle life’s curveballs, including retirement, divorce, partner or shareholder disputes, or the death or disability of an owner. This article discusses financing sources and the importance of obtaining an accurate valuation.