If you're like most business owners, you've worked hard to build a profitable company. While this is a fantastic accomplishment in and of itself, it is only one facet of the overall business cycle. Do you have partners in your business? Have you considered a plan of action if one of the partners passes away unexpectedly or becomes disabled? Would you be comfortable working with one of your partner's heirs rather than having the right of first refusal to buy a deceased or disabled partner's share of the business? How would you pay for that share of the business?
At Silversmith Legal, we understand that the dynamic of each business and their owners is unique, and that one plan does not fit all. We can help you design a business succession plan that includes, among other things, a review of your existing operating agreement (or the creation of an operating agreement if you do not already have one), and the establishment of a buy-sell agreement with a cross-purchase plan.