Whether your goal is to keep your business in the family, sell your interest to a key employee or co-owner, or prepare it to be acquired by another company, you should begin the succession planning and exit strategy process many years in advance.

If you have a business partner, and you do not have a written agreement covering succession plans for your business, the business is at risk. A written agreement between partners is essential. This type of agreement can establish what occurs if a business partner wants to sell the business, is disabled, can no longer work or dies.

WE WILL LEARN ABOUT YOUR BUSINESS AND YOUR NEEDS AS BUSINESS OWNERS’ TO UNDERSTAND YOUR PERSONAL AND BUSINESS GOALS WHEN PUTTING TOGETHER OUR RISK PROTECTION PROGRAM

We will ask each owner:

• Who would become your new business partner if your current partner died or became permanently disabled?
• If you died, would your spouse or family be able to sell your share at a fair price?
• When do you plan to retire
• Do you want to sell your business or part of your business to a co-owner, employee or someone else
• Do you want to sell/transfer the business to a family member
• When do you plan to end your involvement in the business.

WE WILL HELP YOU DEVELOP OWNERSHIP PROTECTION STRATEGIES AND STRUCTURES

This can include:

• a shareholder agreement setting out the rights and options of all parties with respect to the timing of acquisition of the shareholding, valuation of the shareholding, and any other provisions to address owners and stakeholders’ concerns
• a buy/sell agreement outlining how a business owner’s interest is dealt with if an event such as death, disablement, trauma, resignation or retirement occurs. A buy-sell agreement will protect you and your business from the effects of unexpected transfers of ownership. It also protects your heirs by giving them an opportunity to turn your shares into cash.