Glossary

A buy/sell agreement is a legally binding contract designed to protect the interests of business owners and ensure the smooth transfer of ownership in the event of death, disability, or retirement. 

A buy/sell agreement outlines the terms and conditions of buying out a partner's share of the business, including the purchase price, payment terms, and the process for transferring ownership. 

A Buy/Sell Agreement benefits small businesses, partnerships, and other closely held entities, providing a framework for addressing the transfer of ownership. 

When an organization has a buy/sell agreement, owners can have peace of mind knowing there’s a plan in place and their business will continue operating smoothly.

The buy/sell agreement can also protect a business from potential disputes that may arise when a partner exits the business. Buy/sell agreements set clear guidelines for purchasing a partner's share, which can help prevent disagreements or legal battles over the company's value.