As a successful business owner, your business is your most important asset. That’s why a buy-sell agreement can be vital. It’s a critical arrangement that helps to protect the shareholders and the business itself. A buy-sell agreement helps to ensure the continuity of the business by documenting important issues and concerns in advance so that if an owner dies or becomes disabled — or leaves the business for whatever reason — the business can continue to run smoothly and have the potential to grow.

Without a buy-sell agreement in place, there may not be a documented plan for the continuation of the business upon an owner’s death or disability. This can have serious consequences:

• To the business — since loss of revenue, lack of continuity, loss of skills, and credit risk can result;

• To the surviving owners — disputes with the deceased owner’s family, having an “unwanted” new partner, and the inability to move on with the business without distractions are all a risk; and

• To the deceased owner’s family — since preserving the fair value of the business for the family’s needs, replacing the lost income, and meeting estate liabilities may all be impossible.

• What would happen to your business if you were to die or become disabled?

• Who would take over the day-to-day operations of your business if you were no longer here?

• Could anyone in your family take an active role in the management of your business? Would they want to?

• What would happen if you simply wanted to do something else or retire?

• How much is your business worth if you wanted — or had to — sell it?

A formal buy-sell agreement can help document your answers to many of these vital questions and help protect your company’s and loved ones’ future.

When was the last time you and your tax and legal advisor team reviewed it? If you don’t keep your buy-sell agreement up to date, it may not be protecting you in the way you originally intended.

Working with your team of legal and tax professionals, Our Buy-Sell Review Program will review your existing buy-sell agreement to make sure it’s up to date. The BRC will then make recommendations based on your current business needs and situation — all complimentary to you. When you elect to use the Buy-Sell Review Program, you will also receive a snapshot view of your business’s current value. You can review your comprehensive, customized report with your legal and tax advisors and assess any recommendations based on your current needs and long-term objectives.