Businesses owned in partnership with another party should consider how the remaining partners would be able to fund the purchase of another partner’s share of the business, in the event of total and permanent disablement or death of one of the partners.

A buy – sell agreement is a contract between the owners of a business to sell their interests in the business to each other if a trigger event occurs e.g. death or permanent disablement.

One option to assist in the transfer of the business interest is to insure against such an event.

A Morgan Wealth Management advisor can assist with the planning aspects of the buy-sell agreement and arrange suitable cover should insurance be necessary.