If your business involves a partnership with one or more others, then you need to plan for the possibility that something may happen to one of those people (including yourself) which may require one party to buy out the other.
For example, if one person became sick or died, then the other partners may not want the sick or dead partner’s spouse to be the new partner in the business. To avoid this, the company can set up a Buy-Sell Agreement that will enable the remaining partners to ‘buy out’ the ownership entitlement of the spouse of the sick or dead partner so that they can continue running the business without disruption.
Intelligent Finance deals with companies that specialise in setting up Buy-Sell Arrangements and we would be pleased to help you secure the financial future of your business through this important measure. Contact us today for more information.