Protect your Business Ownership

If you are in business with other parties, using a buy-sell agreement funded by your insurance will:

• Ensure your Interest in the Business is transferred to the remaining principal(s) in an orderly manner in the event of your death or disability; and
• Enable you and the estate of your dependents to receive financial Compensation.

Typically when one of the principals of the business dies, the remaining principal(s) may be dissatisfied to admit the deceased principal’s spouse ( or beneficiaries) into the business. Or, the deceased principal’s spouse (or beneficiaries) might not have the necessary skills to assist in the running of the business, or even want to be involved.

Potential problems can also occur if a principal becomes disabled and is unable to work in the business again.

To Protect the business and ensure an orderly transfer of ownership, a Buy-Sell agreement should be considered as part of the broader succession planning process.