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Could Your Business Survive Without You?
When an owner dies, the disposition of his or her interest depends upon several key factors:
- Does the deceased owner want his/her interest sold or retained by the
- Will death costs "force" the sale of the business?
- Can the remaining owners afford to buy the deceased owners interest?
- Can the surviving owners operate without each other
In order to guarantee a buyer for the interest in a business (particularly a minority interest which may be of very little value to one's heirs), consideration should be given to a lifetime agreement among the business owners as to how to dispose of the business.
A Buy-Sell Agreement Benefits All Parties