Buy-Sell Agreement Basics: Who Gets Your Business If You Can’t Run It?

Diagram comparing a cross-purchase buy-sell agreement, where the other owners buy a departing owner's shares, with an entity redemption agreement, where the business buys them

Most business owners have a will. Far fewer have answered the question that matters most for what they’ve built: what happens to the business itself if they’re suddenly not there to run it. For any company with more than one owner, the answer usually starts with a buy-sell agreement, and for every closely held business, … Read more