Being in business for yourself can be difficult, but extremely rewarding. We know how choosing to pursue your dream meant you sacrificed a lot of your time, effort and money. So after all the hard won successes the last thing you want is to leave the future of your business in question.
A buy and sell agreement is a legally binding document. In it, states what happens to your – or your partner’s – stake of your business, in the event of either of your deaths, disability or retirement. In these tough times, you’ll be glad these decisions were made ahead of time. The transition of ownership is smoothed out long before. It also ensures that your family or heir is given fair value for your stake in the business. In a business of any size, even in a small- to medium-business, a buy-sell agreement can prevent infighting and confusion. It could also save your business from closing its doors for good.
At Compendium we understand that no one wants to think about the worst happening. But your family, business partners and employees will be grateful for your preparation.
There are some difficult decisions to make. But the reciprocal nature of these types of agreements makes them a lot easier than you might think.
A buy-sell agreement is entirely flexible. You can set the terms for retirement, disability, death or the change of ownership of shares separately. You and your business partners agree what is best. So buy-sell agreements tend to be fair, since the terms apply to each owner equally.
If you choose to allow us to help you with your buy and sell agreement you’ll be afforded a number of important benefits that will make that difficult time easier on your family and your business:
- Funds are immediately available to buy the deceased’s share of the company.
- No need to rely on unwanted or unwilling new investors.
- Avoid interest being charged on loans and other urgently collected capital.
- Ensure fair compensation for the deceased’s family
Speak to one of our brokers about how we can help you secure your business’ future for your family. Contact us on 031 242 6800 or fill in a, Request a Quote form online and we’ll get back to you.
