The Great Business Betrayal: Why Your Buy-Sell Agreement Might Be a Trap
A buy-sell agreement is essential in business succession planning, especially for small businesses with multiple family groups involved in ownership. These agreements are relevant for corporations and limited liability companies (LLCs). They outline the conditions under which an owner’s stake in the business may be bought out, such as in cases of death, disability, job termination, or divorce. To ensure financial security, these agreements often incorporate life or disability insurance. Why Businesses Need Buy-Sell Agreements …