What is a Buy-Sell Agreement, and Why do you need one?
When Shakespeare suggested that we should first kill all the lawyers, he clearly wasn’t thinking about our regular host Rob Shepley from businessDEPOT Legal. But he was aware of the mortality that exists in all of us.
We’ve talked before about what happens if one of your employees is hit by a bus … or wins the lottery. But what happens if one of your business partners is suddenly – and unexpectedly – incapacitated or dies?
The default situation is most businesses is that the remaining heirs of the partner … are now suddenly co-owners in your business! Regardless of their experience, competence, or ability to bring value – your future financial success (and your team’s) is now hitched to their wagon!
Thankfully, it doesn’t have to be this way.
You can’t stop the star-crossed bus from happening, but you can protect against it with an insurance-funded Buy-Sell Agreement. Need to know more?
Watch this week’s episode here.