Before establishing a burgeoning business, you must lay a strong foundation. Succession planning is one of them, which every business needs to have. No one can anticipate situations like the death or disability of an owner, but you can prepare to deal with it.
Planning for business succession paves the way for the efficient transitioning of business management and ownership. A Buy-Sell agreement is one of the components of this arrangement. It can allow you to keep your business up until any unspecified event, such as disability, death, or retirement, occurs. Nevertheless, there are different considerations of this arrangement, for which you need to keep reading.