Biz Brain: Buy-Sell Agreement Protects Both Partners | NJ.com

Biz Brain: Buy-Sell Agreement protects both partners | NJ.com:

"My business partner and I have owned an S Corp. small business – 50-50 – since 2011. Last year, I suggested a life insurance policies for both of us, and we now have $500,000 of coverage each. In the case of death of either partner, would the survivor pay the deceased’s spouse half of what the company is worth, about $98,000? Or is it fair that the survivor would pay the deceased’s spouse $250,000 – half the insurance policy – which would provide security. That’s what my wife and I think is fair. My business partner and I a very good working relationship. Is there a proper way or template to write this as an amendment?"

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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.