Buy-sell agreements – also referred to as buyout agreements, buy and sell agreements, or business wills – are legally binding contracts that designate the reallocation of a share of a business if an owner leaves the business for any reason. Your partnership, sole proprietorship, or corporation may benefit from a clear and legally sound buy-sell agreement to avoid future disputes and to ensure that a business interest or share of the proprietor, shareholder, or partner is properly divided.
A buy-sell agreement will go into effect if the owner of the business interest in question is:
- Retired; or
- Has expressed interest in selling.
If you are interested in securing a buy-sell agreement that will protect your interests and the interests of your business, contact an experienced business attorney at Pearson Butler. Our attorneys have decades of experience in business law and have helped clients with buy-sell agreements that address their unique needs, no matter the complexity or size of the business interest.
To discuss the benefits of a buy-sell agreement and how Pearson Butler can help you, call (800) 265-2314.
Benefits of a Thorough & Legally Sound Buy-Sell Agreement
When properly drafted and executed, a buy-sell agreement can help partners manage otherwise difficult situations that could jeopardize their interests and the interests of their business. As an example, such an agreement could be drafted to restrict an owner from selling his/her interests to outside parties without prior approval of remaining owners. The business would, therefore, be protected from interference by parties that may have conflicting goals or ideas. These agreements can provide peace of mind to business owners and eliminate areas of conflict between business partners.
By controlling business ownership and spelling out terms for assessing value, a buy-sell agreement may offer just the protection you and your company need. For assistance with drafting an agreement or for aggressive representation in the face of a dispute or alleged breach of contract, contact one of our experienced attorneys at Pearson Butler. We understand the nuances of your business needs and can help you protect yourself and your business.
Call the firm at (800) 265-2314 today. Pearson Butler has offices in Bountiful, South Jordan, and American Fork to serve you.