What is a Buy-Sell Succession Agreement – After years of dedication and commitment to building your business, leaving your company’s legacy in the hands of the court system is never ideal. Even if company succession plans have been identified and discussed, without a well-executed plan, the transfer of leadership or ownership could become entangled in the judicial system for years. Consider a “Buy-Sell Succession Agreement” your company’s will.
What is a Buy-Sell Succession Agreement and Why Your Business Needs One
While all businesses, large and small, benefit from a Buy-Sell Agreement, those with multiple partners and/or investor shareholders should procure this document now. Although preparing for future decisions in the event we cannot make them for ourselves when the time comes isn’t enjoyable, it is necessary.
Whether a succession occurs while able to sign on the dotted line or posthumously, a Buy-Sell Succession Agreement contractually covers significant components of complete or partial ownership transfer including:
- Succession Designation. The Buy-Sell Agreement will identify the current and/or new partnership division of ownership.
- Agreement Purpose of Intent. Contractual description of the company’s future continuation in regard to owner’s departure, disability, retirement, or death.
- Tax Considerations. Address tax legalese and considerations for company changes, the departing owner (and/or their family/estate), and new ownership.
Peace of Mind
Legally binding, a Buy-Sell Agreement provides peace of mind that your business goals and future leadership are protected.
Working with experts who are dedicated to protecting the longevity of your company is essential. Crescent Franchise Solutions is here to guide you through preparing a seamless ownership transfer.
We know the energy and continued effort put into building your business, and we want your successor to have continued success as well. Our extensive expertise offers a comprehensive solution unique to each business’ needs and goals.
Contact Us Today
Contact Crescent Franchise Solutions at 941.923.3663 or visit us at crescentfrancise.com to schedule your time to plan your company’s future path. We’ll answer any questions to ensure you have the financial information and assistance you need for creating and finalizing your Buy-Sell Agreement.
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