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November 21, 2007
Any business venture with two or more business partners presents some major concerns, such as how to actually place a value on the business and how will the business continue its operations should one of the partners die prematurely.
Do You Want Your Partner’s Spouse As Your Next Business PartnerWithout the proper planning, you could be in business with your deceased partner’s wife, husband, brother, or some other relative who knows absolutely nothing about your business. A Properly Executed and Funded Buy-Sell Agreement Might Be The Best Way To Solve This ProblemSimply having your attorney prepare the Buy-Sell Agreement is just the beginning of the process to insure the continuation of your business in the event of a partner’s death. |
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Example: You have your attorney prepare the Buy-Sell Agreement and everything is all legal. Suddenly, one of your partners is killed in an auto accident and now you, the surviving partner, must come up with the money to purchase the deceased partner’s interest in the business. If you have sufficient assets on hand, that’s fine, but what if you don’t?
The big hole in the plan was that the Buy-Sell Agreement was not properly funded. Life insurance can be the most economical way to provide the “cash” when it’s needed the most.
Please review: Life Insurance & Buy-Sell Agreement
Glossary Insurance Terms: |A-C|D-H |I-M|N-P|R-T|U-W|
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