This is our fourth form of a BUY-SELL AGREEMENT, The Trusteed Buy-Sell plan. Actually it's a variation of our second type of Buy-Sell, a Cross Purchase Plan. However, there is ONE BIG DIFFERENCE. In the Trusteed form of a Buy-Sell, it is...
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Valuing Your Key People
Anytime we discuss the importance of a KEY PERSON in a business, you should assign a value to that individual. Let's first expand on the importance of the KEY PERSON. The great entrepreneur Andrew Carnegie once said, "You can tear...
Key Person In Business Succession
Key people in any business, although not directly related to Business Succession planning, do play an important role in developing your business succession plans. As such, I would be remiss if I didn't take some time to share some information...
The One Way Buy-Sell
In closing our discussion of the One Way Buy-Sell, keep in mind that this agreement is most suited for a sole proprietor. It also carries with it some of the strengths of the other forms of Business Succession planning. Namely,...
Hey! What About Me? I’m a Sole Proprietor
Up to now we've been discussing Buy-Sell Plans that seem to focus on corporations and partnerships, business entities that have many owners. However, we will not leave out the Sole Proprietor. The beauty of Business Succession planning is that there are always...
Disadvantages in a Wait and See Buy-Sell
In concluding the Business Succession plan using a Wait and See approach, let's review some disadvantages. Perhaps the biggest drawback comes from a stipulation in the Wait and See agreement that requires periodic updates to the plan. Such updates are usually...
Advantages of The Wait and See Buy-Sell
In our last report we discussed a new concept in Business Succession planning, the Wait and See Buy-Sell. To refresh your memory, the Wait and See is considered a combination or hybrid of the two basic plans already discussed, The...
The Wait and See Buy Sell
We've discussed two Buy Sell Agreements, the Entity and the Cross Purchase. Maybe you're confused or can not decide which one you should use. Don't worry. It's often difficult to decide which type is best because there are so many different situations. So wouldn't...
The Cross Purchase Buy Sell
We've just covered the Entity Buy Sell in which the business is the main player in Business Succession. However, for whatever reason(s), you may not want the business involved in your Buy Sell planning. In this regard, the Cross Purchase Plan...
The Entity Buy Sell
The Entity Purchase Buy Sell is one form of Business Sucession agreements. Let's quickly review what a Buy Sell Plan is. A Buy Sell Plan is a legally binding agreement that spells out what happens to a business when a specific...