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Who Will Be Your Partner Tomorrow? 3 Crucial Questions for Business Partners
Posted by Allen & Furr Insurance on
Death, disability, retirement, divorce — no one likes to think about the effects of a personal tragedy, yet the news is filled with that reality almost daily. If you are a business owner with other partners, ask yourself the following crucial questions:
If one of your owners died, would you like to be in business with the deceased owner’s family?
If you died, would you want the well-being of your family to be dependent on your surviving owners’ continued success in the business?
Can you afford (and for how long) to continue paying a disabled partner’s salary while you pick up all of his or her responsibilities or hire someone to carry that load?
Most of the time, the answers would be, “NO.”
Would you like to see how we could solve these issues by funding a Buy-Sell Agreement? A well-planned agreement outlines a strategy between partners for events such as death, disability, retirement or sale of stock.
Eliminate future confusion and disagreements by contacting Bill Furr, CIC, President of Allen & Furr to begin a discussion on creating a plan that will benefit everyone involved before it is needed.