According to a recent Small-Business Owners Survey, only 21 percent of small business owners had a formal written plan to transfer their share of their business at death. This is a horrible statistic that should trigger alarm bells for business owners who have not engaged in comprehensive business succession and personal estate planning. After all, one of a business owner’s most valuable assets is often the business itself.
The first tool that all business owners should consider is a buy-sell agreement. A buy-sell agreement is a legally binding contract that requires one party to sell and another party to buy a particular ownership interest in a business in the event of the death or disability of a partner or stockholder. Read more about buy-sell agreements after the jump.
Posted by merrittgreen 
