When you’re in the midst of building or growing a business, the last thing on your mind is what happens if the owner suddenly dies.
If the business was established as a partnership and the surviving partner has equity in the business, then a buy-sell agreement can provide a quick solution, particularly if there is an insurance policy that’s been set up specifically to facilitate the buyout. Those who worked with an experienced attorney or accountant when setting the business up generally have the good fortune of having a plan in place whether there’s a partnership or not, but that is not always the case.
The absence of the driving force behind a business affects employees, customers, and the family members who may have relied on the organization for income. If you find yourself in this unfortunate situation, you need to know the steps available, and how best to approach the many issues that will arise.Continue reading →