Practice Your Buy-Sell Agreement: To Make Sure It Will Work Before It Is Triggered
YOUR BUY-SELL AGREEMENT IS LEGAL. BUT WILL IT ACTUALLY WORK?
Most business owners signed their buy-sell agreement, filed it away, and never looked at it again. They assume it will work when the time comes. That assumption has cost business owners millions of dollars - in courtrooms, in dissolved partnerships, and in families left with far less than they were promised.
This book is about one thing: making sure that does not happen to you.
In Practice Your Buy-Sell Agreement, Todd Russell draws on two decades of working with closely held business owners to reveal the three critical elements every agreement must get right.
TRIGGER EVENTS - Are the circumstances that activate your agreement defined clearly enough that every owner, every attorney, and every court would interpret them the same way? Vague language does not stay vague forever. Eventually a judge decides what it means.
VALUATION - What will your agreement say your business is worth on the day it is triggered? In Todd's experience, most business owners cannot answer that question - and the gap between what they expect and what the agreement produces can be staggering.
PAYMENT TERMS - Can the buyer actually pay? A legal obligation to purchase a business interest means nothing if the money is not there to fund it.
Through real court cases, real client stories, and a practical fire drill you can complete in under thirty minutes, this book shows you exactly how to stress test your agreement before the day arrives when stress testing is no longer an option.
WHAT READERS WILL WALK AWAY WITH: - A clear understanding of how buy-sell agreements work and where they most commonly fail - A framework for evaluating their own agreement against real-world scenarios - Specific questions to bring to their attorney, CPA, and financial advisor - Confidence that their agreement will work - or a clear picture of what needs to be fixed
Practice Your Buy-Sell Agreement is essential reading for business owners with partners, estate planning attorneys, CPAs, and financial advisors who work with closely held businesses.
The time to practice your agreement is now - not the day it is triggered.
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