Buy/sell agreements are critical when dealing with a closely held business.
Buy/sell agreement solutions unique to you.
A buy/sell agreement, also known as a buyout agreement, is a contract funded by a life insurance policy that can help minimize the turmoil caused by the sudden departure, disability, or death of a business owner or partner.
Safeguard the future of your business.
People in a business partnership often establish a buy-sell agreement so their business can live on, even if one of the owners dies. This contract creates a plan that enables the surviving partner to purchase the deceased’s share in the business, using the funds of a life insurance policy.
What does a buy/sell agreement offer?
A buy/sell agreement gives employers peace of mind knowing that their business is in capable hands should they no longer be able or want to manage it. It also:
- Provides money to create a fair market value exchange.
- Promotes equitable and orderly transfer of wealth, ownership, and management.
- May offer tax advantages.
- Guarantees heirs a buyer for assets they may not know how to manage.
- Provides heirs cash to pay estate debt, expenses, and taxes.
Potential benefits for business partners and employees.
For employees, a buy/sell agreement provides a way to purchase a business they have a vested interest in but may not have the capital for. It also assures remaining owners that the deceased’s share of the business will not pass on to someone unsuitable, as well as the continuity for customers, creditors, and employees.
Are you interested in a buy/sell agreement to help safeguard your business? Contact us today to discuss your options.
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