Buy-Sell Agreements in a Succession Plan
You are in business with one or more business 'partners'. Most likely all of the business owners are involved in the day to day running of the business. But what happens if you or they die or retire from the running of the business? Here we set out some of the problems you may encounter unless you have a proper business succession document (often called a Buy/Sell Agreement). We also set out some of the options and issues in putting in place a proper Buy/Sell Agreement. https://jump.africa/ These issues are the same regardless of whether your business is run via a company, unit trust or partnership. Common Problems These are some of the common problems business owners can encounter when one of the above events occurs: disputes between the continuing owners and the incoming owner of the business (the incoming owner may acquire his or her interest under the will of the deceased former owner). This often occurs as the new owner does not understand the business or does not have t