The first Pure Business Advice Seminar of 2014 took place on February 13 and explored the intricacies of buy-sell agreements. During this one-hour lunch-and-learn, Daniel Crook of HunterMaclean, Tony Martin of Martin Financial Group, Daniel Rowe of TJS Deemer Dana, and Brad Whitfield of Coastal Consulting Management Group presented valuable information on buy-sell agreements. The seminar covered different buy-sell agreement structures, what factors to consider when creating one, and why every partnership should have one in place.
Buy-sell agreements provide a guideline for transferring ownership interests in a company. A buy-sell may occur due to retirement, death, disablement, or disagreement among partners. In these cases, an effective buy-sell agreement is necessary to avoid deadlock, dispute, or litigation.
The four panelists addressed the buy-sell agreement from their areas of focus: valuation, funding, tax concerns, and legal issues. Seminar attendees learned how these different factors affect the outcome of a buy-sell and how to avoid potential problems by planning ahead. Once in place, a buy-sell agreement should be updated periodically to reflect changes in the business.
The Pure Business Seminar Series strives to educate local business owners on important issues. By bringing together a diverse group of professionals to discuss each issue, the seminars present a multifaceted approach to problems.
To view a video of the full program, please click here.