A plan for transferring business ownership

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By DAVE ERICKSON

Have you wondered how you would transfer ownership of your business when it is time to retire, or you are forced to retire? Have you wondered what it would be like if one of your business partners died unexpectedly and their spouse would become your new partner? Have you wondered how you would value the business in these cases? It may be time to review your business buyout agreement, commonly called the buy-sell agreement, to see how the above “triggers” are addressed. Don’t have a buy-sell agreement in place? Then now is the time to consider putting one together.

 

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