Because you putyour heart intoyour Business.

Business Succession Planning

For many of us, our business is like a child — we raised it from nothing, put our hearts and souls into its success. And the last thing we want to do is leave its future to chance. Let SAM help put in place a business succession plan to ease your concerns.

Get it in Writing - the Buy-Sell Agreement

In the event of the passing of a business partner, absent a written agreement, competing interests of the business and the family members can lead to major conflicts, litigation and even forced liquidation of the business.

Buy-sell agreements are a simple, effective way for business owners of privately held companies to plan for the orderly transfer of business interests where two or more owners are actively involved in the business. With a buy-sell agreement in place, the stability of the business for its clients, employees and investors (or creditors) is assured.

Types of Business Owner Buy-Sell Arrangements

Entity Plan

Under this arrangement, used when there are multiple owners, each of the business owners has a separate agreement with the corporation or partnership as the entity. The entity, per the buy-sell agreement, will buy the deceased partner’s interest at his or her death.

Cross Purchase Agreement

Used in situations where there are two or three owners, a cross purchase agreement is established between each of the owners. At the death of one of the owners, the surviving owners agree to buy a proportionate share of the deceased owner’s interest.