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Navigating the intricacies of business ownership requires a roadmap, and in the realm of protecting your business legacy, a Buy-Sell Agreement serves as a vital guide. Crafted as a legal, enforceable document by seasoned attorneys, it establishes a clear framework for handling critical events that could otherwise plunge a business into uncertainty.
Your business is more than just a venture; it's a substantial asset and a testament to your dedication as an entrepreneur. Recognizing the profound importance of a Buy-Sell Agreement in this context is the first step toward securing a stable future for your enterprise.
Unforeseen circumstances such as the death, disability, legal implications, or retirement of a business owner can threaten the continuity of your enterprise. A well-structured Buy-Sell Agreement is a protection on multiple fronts:
Navigating the intricate landscape of Buy-Sell Agreements demands a wealth of professional expertise. Drawing upon his extensive background in both managing a family business and assessing numerous companies as a seasoned credit analyst, Bill Goldsmith emerges as a valuable resource for facilitating the development of your Buy-Sell Agreement. His comprehensive experience equips him to comprehend not only the strategic, financial, and operational intricacies but also the emotional nuances that can significantly influence a business. Trust Bill Goldsmith to bring a unique blend of practical know-how and strategic insight to guide you through the complexities of crafting a robust Buy-Sell Agreement.
What is a trigger event in a Buy-Sell Agreement?
A trigger event refers to an occurrence or circumstance that activates the provisions outlined in the agreement. These events are typically events that could impact the ownership or operation of the business and trigger a change in the ownership structure. These could include:
Can a buy-sell agreement be modified after it's established?
Yes, a Buy-Sell Agreement can typically be modified after it's established, but any modifications should be made in accordance with the agreement's specified procedures and with the unanimous consent of all involved parties.
How is the business valuation determined?
The business valuation in a Buy-Sell Agreement is determined using established methods such as income-based, market-based, or asset-based approaches, ensuring a fair and accurate representation of the business's worth based on agreed-upon criteria.
What happens if a business owner wants to sell their share to an outsider?
If a business owner wishes to sell their share to an outsider, the Buy-Sell Agreement dictates the specific procedures and conditions for such a transaction, ensuring a structured and agreed-upon process that may involve pre-approved buyers or a right of first refusal among existing owners.
Can the agreement cover situations like divorce or bankruptcy of a business owner?
Yes, a well-crafted Buy-Sell Agreement can include provisions to address situations like divorce or bankruptcy of a business owner, ensuring a clear and predetermined course of action to maintain business continuity and stability.
With years of experience in business planning, facilitating business valuation, and succession planning we invite you to take a proactive stance in securing the future of your business with us. We offer financial planning for business owners that can save money and help your company thrive.
Working with a network of experienced professionals, we go over every detail of your business, business partner relationships, and operations so we can craft buy-sell agreements that protect all parties.
A Buy-Sell Agreement is not just a document; it's a commitment to clarity, a shield against conflict, and a testament to your vision for the future of your business.
Take the first step towards a custom buy-sell agreement today with LifeTime Financial Strategies and safeguard your business against possible life-changing events. Contact us today to schedule a complimentary consultation.