Buy and Sell Agreements
If you as business owner or business partner had to die suddenly, what becomes of your share in the business? How do your family members benefit, and how does the business benefit and continue to run in your absence?
SA Financial Planners can arrange to set up Buy and Sell Agreements (find out more), which will ensure that on the death of a business owner, the company can continue to operate without interruption or interference, and the business owner’s family will receive what’s due to them in terms of the personal value the deceased business owner held in the company.
The Buy and Sell Agreements ensure that when a business owner dies, the surviving business partners will be able to buy out the deceased’s part in the business. Any credit loan account in the deceased’s name would also need to be settled without damaging the liquidity of the business in any way. Life insurance policies are taken out to fulfil the Buy and Sell Agreements.
The relationships involved in Buy and Sell Agreements may be tricky to navigate, so contact us for more information and to ensure you do what’s best for your family and your business partners in the event of your death.