think of a buy sell agreement as an

estate plan for a business

so when we have a business either with

multiple owners or with a single owner

we want to make sure that we have a plan

in place that talks about what’s going

to happen should a business owner become

disabled at the death of a business

owner

if we have multiple owners what if

there’s a deadlock the two business

owners or the three business owners can

agree

what happens at retirement

or what happens if one owner gets an

offer to buy his interest and the other

owners want to remain as owners of the

business so that’s what a buy sell

agreement does for it it defines what

events are going to trigger a sale of an

interest gives us basic terms on what we

would expect in purchase price and

payments whether it’s cash or overtime

and every business whether you have

multiple owners or a single owner needs

to have a business plan in place