Buy-Sell Agreements - Your Finances: It's important to plan business exit strategy | recordonline.com

Exit planning is one of the most critical components of owning a business, especially for small-business owners.

Small-business owners often have the majority of their wealth tied up in the business, and if their retirement strategy depends on exiting the business with their wealth intact, they need a well-thought-out exit strategy.
But many entrepreneurs are so busy with the day-to-day activities of running their business that they do not give exiting their business or estate-planning a second thought. Lack of planning can have some unfortunate consequences, such as having the business you poured your sweat equity into being liquidated or sold in a fire sale.

Buy-sell agreements
For a business with two or more owners, a buy-sell agreement is a critical succession-planning tool. In its simplest form, it is a legal contract that transfers assets from one party to another. The agreement acts like a business continuation plan, outlining how shares in the business will transfer at a triggering event, such as death, disability or retirement.

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Your Finances: It's important to plan business exit strategy | recordonline.com:

For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at info@buysellflbiz.com or 239.738.6227. Also, visit our Florida Business Exchange website at www.fbxbrokers.com and my personal website at www.buysellflbiz.com.