160 Gould Street
A goal of many business owners is to someday transfer their business interest to either family members or key employees. Properly done, this type of planning can offer both the current and successor owner a more confident, tax efficient method of business succession. Furthermore, the loss of a business owner through death or disability can catch even the most efficiently managed small companies off guard and, worse, unprepared to deal with the repercussions. Family businesses, in particular, are susceptible to erosion of capital due to estate taxes and legal fees; not to mention the possible hurdles of voting control being scattered among heirs, with conflicting points of view impeding the business' operations and growth.
A Buy-Sell Agreement is a written agreement made between the partner or shareholders of the business specifying buy out provisions. The execution of this type of agreement secures a number of very tangible benefits for the shareholders, including:
Sunstone Wealth Strategies can provide a professional evaluation of a client's current situation that will help avoid future problems involved in business succession planning.