Business Succession Planning
The abrupt loss of a business partner or owner can cause emotional stress and liquidity problems. These can be avoided with a well-considered business succession agreement.
A business succession agreement is a legal document that sets out the procedure for transferring an outgoing partner’s/owner’s interest in the business to ensure:
- Minimal interruption to the business
- The outgoing partner or owner (or estate) receives an agreed amount or fair market price for their interest in the business.
It may include details of insurance policies that are required to fund an exit event.
Kells can work with you to establish a business succession agreement to ensure a smooth succession of your business upon the loss of a partner or owner.
For the right professional advice, contact our experienced estate planning lawyers for a consultation.
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