Every business owner needs to have a plan in place for how their interest in the business will be allocated or sold in the event of disability, death, retirement, divorce, dispute, or if they simply no longer want to be a part of the business. Enter the buy-sell agreement. A buy-sell agreement is an agreement drafted by an attorney that lays out exactly how a business’s assets, ownership, and control shall be divided if one of the abovementioned events occurs. It is especially useful if you are a co-owner of a business. The buy-sell agreement in these instances can be seen as a sort of business pre-nuptial agreement; laying out what will happen if the partnership ends.
A buy-sell agreement should detail, among other things:
- Each partner’s ownership interest.
- The dollar amount each partner’s interest in the company is worth.
- Notice requirements and rights of first refusal for each partner if one partner decides to sell their interest in the business.
- Types of events that will trigger the applicability of the buy-sell agreement and its provisions.
The drafting of a Buy-Sell Agreement requires an attorney which is experienced in business and corporate legal matters and preferably an attorney who understands the nature of business and has a strong financial background. Here at the Campbell Law Group, we have experience in drafting tailored Buy-Sell Agreements that meet your needs.
Our firm accepts cases from all over South Florida such as Miami Beach, Coral Gables, Coconut Grove, South Miami, Pinecrest, Brickell, Edgewater, Doral, and Wynwood, as well as cases in Broward and Palm Beach County, Tampa, Orlando, and the rest of Florida.
If you need to draft buy-sell agreements, please contact us, or for more information check out our blog articles, videos, and resources on this topic.