Is Your Buy-Sell Agreement Up To Date?
Planning for the transfer of your business interests is an important task. Once a buy-sell agreement is triggered (especially at your death or disability), you or your family are no longer in a position to negotiate the terms of the sale. To protect your interests and your family, you need to make sure it’s done right.
On the other hand, business transition planning shouldn’t be a one-time event – you can’t sign your buy-sell agreement and just forget about it. Planning is an ongoing process that needs to be updated over time, as your business changes and evolves.
When was the last time you looked at your buy-sell agreement?[read more="Read more" less="Read less"] Can you answer “Yes” to the following questions?
- Are the owners of the business the same as when the buy-sell agreement was originally written?
- Do you know the current value of the business and is it reflected in your agreement?
- Does the agreement address all possible reasons for departure from the business, including premature death, disability, and retirement?
- Will the potential buyer(s) of your interest, whether it’s your co-owners or the business itself, have the funds necessary for the purchase?
- Do the terms of the agreement ensure that you and/or your family will receive the money from the sale when it’s needed?
- Has the agreement been reviewed and/or updated within the last five years?
If not, your Buy/Sell Agreement should be reviewed and possibly updated.
Why Work With Aaron Peacock?
I'm am a top producing commercial insurance professional with licenses in property & casualty, workers compensation, life & disability, and group health insurance. I am an Appalachian State University alum currently living in Hickory North Carolina and my office is located in my alma mater's city of Boone North Carolina. I am considered an expert in helping business owners with their business succession plans and I insure many firms in the western half of North Carolina. In addition to performing at a very high level in my role as my client's insurance partner I am also engaged to be married to my fiancé Anna, who is a kindergarten teacher and master chocolate chip cookie baker. I am a volunteer and proud supporter of Appalachian State's Walker College of Business where I have been asked to speak about relationship marketing & direct sales, personal productivity, career development, and personal finance to the students enrolled in the business school. In our spare time, Anna and I enjoy walking our dogs Sophie & Bruce, playing yard games and grilling out on our Big Green Egg, riding mountain bikes, and getting out on the water on some stand up paddle boards.
If you are ready, feel free to request a life insurance quote on this site – here's the link aaronpeacock.com/free-quote or call me at 828-434-3215 or email me at [email protected] It’s easy, fast, safe and always secure.