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Tip of the Week – Don’t Get Stuck Without a Buy-Sell Agreement

Tip/Offer of the Week

Business partnerships get broken up or are dissolved for many reasons, often because the death or disability of one of the partners. It is imperative to have a buy-sell agreement in place with an associated life insurance policy to prepare for these situations.

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Buy-Sell Agreements - A key to a successful Partnership

If you are in a business partnership it is crucial that you and your partners craft a Buy-Sell Agreement so that you don’t get stuck in your business if something catastrophic or unexpected happens to one or more of the partners. A Buy-Sell Agreement is should also be part of the overall exit strategy and plan for a business partnership, since as is often the case, one partner may choose to leave the partnership before the others. Having this Buy-Sell Agreement in place ensures that a business can continue to function in the face of forces that would otherwise cause it to fail.

Worksheet of the Week

The partnership checklist

The Big Picture Question

Did you and your partner(s) hammer out your common objectives for your partnership? If you are in a current partnership – do you review and revise your partnership agreements annually? Have your partnership dynamics changed over time? Do you have a buy-sell agreement in place?

 Terms/Concepts

Business Partnership, Partnership Agreement, Partnership Checklist, Buy-Sell Agreement, Dissolving a Partnership

Worksheet of the Week

The partnership checklist

Additional Reading/Links

Sample of Buy Sell Agreement

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About the Host

Joel Goobich is a big-picture guy with sharp insight into how individual parts make a strong whole. He has 30+ years of entrepreneurial endeavors; starting, building and exiting businesses. He is tireless in the pursuit of solutions to boost your business and put you on a track to a profitable transition and exit to your next act.