Benefits of Buy – Sell Agreements
There are several key benefits of having a buy – sell agreement in place for your business:
- Prevents Conflict: One of the biggest benefits of a buy – sell agreement is that it can help to prevent conflict between partners. By knowing exactly what will happen if one partner wants to sell their share of the business, both parties can avoid any potential disagreements or arguments.
- Clarifies Rights and Responsibilities: A buy – sell agreement also helps to clarify the rights and responsibilities of both partners. This can be helpful in the event that something goes wrong and one partner needs to take legal action.
- Provides Stability: Having a buy – sell agreement in place can provide stability for your business, as it ensures that the business will continue to run even if one partner decides to leave. This can be especially helpful if the business is reliant on a single person or if there is not another partner available to take over.
- Helps to Protect Assets: A buy – sell agreement can also help to protect the assets of the business. By outlining the terms of the sale, both partners can be sure that the business will not be sold for less than it is worth or that the assets will be divided fairly.
Creating Your Buy – Sell Agreement
If you are thinking about starting a business with a partner, or if you already have a business partnership, our team can help you implement a buy – sell agreement. for more information, contact us by clicking below or calling our offices directly.