“Someone's sitting in the shade today because someone planted a tree a long time ago.”
It is difficult to predict how death or disability will affect a business and its principals. Good business succession planning ensures that the business and its principals are properly prepared.
Why are Business Owners Different?
Prudent business owners take extra steps to fully protect themselves and their families for unexpected events. This is known as Business Succession Planning. It typically deals with a business owner dying or becoming incapacitated. However, it can also protect against various other events, such as an owner’s bankruptcy or retirement.
Business Succession Planning usually involves creating a Business Succession Agreement or ‘Buy-Sell’ Agreement (“BSA”).
A BSA is the best way to provide certainty and security for business owners and their families after an owner’s death or incapacity. Our lawyers can prepare a BSA in close cooperation with your accountant and your insurance advisor.