California Buy-Sell Agreements for Succession Planning

If you plan on retiring one day, or in the case of your untimely death or incapacity, a buy-sell agreement is an excellent succession planning vehicle to make sure your business can continue even after you are no longer a part of the business.

A buy-sell agreement lays out the terms of the succession plan, including assigning a value to the business or providing a way to decide what the value of the business is at a specified time (i.e. retirement or death) down the road. It will also determine who can and who cannot purchase the deceased or retiring business partner’s share of the company.