Small Business Tip of the Week

MetLife Mid-Atlantic Financial Group

For business owners who are in business with a partner, a buy-sell agreement should be a fundamental part of your business succession plan. Have you reviewed your buy-sell agreement lately? As your business grows, buy/sell agreements should be reviewed to make sure they are funded by the proper amount of life insurance.  Ask yourself and your business partner "do I want to be in business with my partner's spouse/family?".

A buy-sell agreement helps establish business value, identifies a buyer, provides funding instructions, establishes a procedure and requires the estate to sell. Your team, including your financial professional, estate and business planning attorney, accountant and business appraiser should all work together to determine a strategy that is right for you and your business.

Tip courtesy of Paige Quilter, Financial Services Representative with MetLife Mid-Atlantic Financial Group, 6641 West Broad St Suite 404 Richmond, VA 23230. (804)282-7522 x139