Business succession planning is a growth area for trust and estate and transactional attorneys, driven largely by the demographics of the Baby Boomer generation, which is now at retirement age. Buy-sell agreements are among the most important transactions that a business owner will enter into. Yet many, even most, businesses do not have a good or up-to-date buy-sell agreement in place. This article is intended to be a high level, nontax discussion of some of the best practices we like to employ to provide a client with “a better buy-sell agreement.”
Get It Done; Get It Updated
One of the hazards of a trust and estate practice is clients’ general reluctance to address issues related to death, taxes, difficult fiduciary choices and more. In the same way, business owners are generally reluctant to address succession planning. It can be a difficult process, and clients erect many psychological barriers to completing it. The attorney’s job is to get the client over the finish line with these agreements. We perform a very valuable service to our clients when we do just that. Here are some tips and approaches that may help you help your clients to complete the business succession process:
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