In this episode, we discuss how buy-sell agreements fit into overall exit planning strategies for business owners. Preparing for the future of your business is crucial, and creating a buy-sell agreement is just one part of the process. A buy-sell agreement is a legal contract that outlines what happens if one or more owners want or need to leave a business. It provides a plan for the remaining owners to buy out the departing owner's share of the business, ensuring that the company continues to operate smoothly without any legal disputes among the remaining owners.
