Business Succession Planning

Ensuring the survival of your business on the day after you die or suffer a debilitating illness requires serious consideration. If you have business partners you will want them to pay you or your estate a fair price for your interest in the business and your partners will expect the same rights. A Buy/Sell Agreement can operate as a business succession planning device to allow your business to continue in the event that either you or your partner should die or become totally and permanently disabled. Funding mechanisms can be put in place which can include:

• writing a cheque;
• a line of credit;
• transfer of other assets; and
• death and/or disability insurance policies.