PrimeAccounting, PrimeWealth, PrmeAudit, ThePrimeAdvisoryGroup, Chatswood, NSW, Australia

A buy / sell agreement involves the owners of a business entering into a written agreement what they will do, with their respective interests in the business, should any one of them die, become disabled, suffer a traumatic illness, resign or retire. It’s just like having a will in place for the business.

Essentially, the agreement should provide for the terminating business owner (or his or her estate) to sell his or her interest in the business to the continuing owners. The agreement should provide for the continuing owners to purchase the terminating owner’s interest in the business. The agreement must also recognise the means of funding the buy/sell obligations of the respective owners.

We encourage our clients to seek advice from a specialist legal firm on the establishment of an appropriately worded buy/sell agreement. We will work with you to ensure the agreement is put in place and that adequate funding has been provided via an insurance solution.

To discuss your protection requirements, please contact Kevin Bettman or book an appointment.

This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances.