If you own a business in Wilmette, it is essential that you consider getting a buy-sell agreement. A buy-sell agreement is a contract that sets the rules for the purchase of the interest of an owner who is withdrawing from a business. It can be beneficial to you even if you are not planning to sell your business. Here are a number of reasons why you should find an estate planning lawyer in Wilmette to help you set up a buy-sell agreement.
Better Selling Price
In the event that you pass away prematurely or become disabled, there is a chance that your business or shares will be sold at a very low price. However, if you have a buy-sell agreement, a potential buyer will be obligated to purchase your business at a fixed price or according to a predetermined formula, resulting in a higher price than you would receive otherwise.
Smooth Transfer of Business
Another advantage of establishing a buy-sell agreement is that it will ensure that the transfer of your business will be smooth and agreeable to other owners ahead of the unexpected event. This can help minimize disruptions while the business is recovering. An experienced estate planning lawyer in Wilmette will be able to help you plan for the most efficient and trouble-free business transfer.
Payment of Expenses
Being able to sell your business at a good price can go a long way towards reducing the financial burdens that come with your death or disability. The proceeds from the sale can be used to pay estate settlement expenses, such as estate administration costs, death taxes, and your family’s living expenses.
To get the most out of a buy-sell agreement, it is important that you work with a reputable estate planning lawyer in Wilmette who knows the ins and outs of this kind of contract.
Orlowsky and Wilson, Ltd. has an impressive track record of successfully meeting the legal needs of businesses and individuals in downtown Chicago and many parts of Chicagoland. Besides estate planning, this trusted firm also provides business law, real estate law, litigation, estate administration, and probate services.
