Anticipating the future is one of the major responsibilities of
business owners. When a business is faced with uncertain
questions, such as "What if we do not get the loan?" or
"What if we lose our biggest account?" or "What if a
co-owner dies, becomes disabled or retires?" then the owner
needs to make a decision to resolve the problem.
Although the first two questions above are more complex and need
more information to answer, a buy-sell agreement can provide a road
map to resolve some of these problems, especially when one of the
co-owners leaves the company. And, it may not be enough to draft an
agreement and put it in a safe place. You need to review and revise
this document periodically to keep it current.
