Does your buy-sell agreement from twenty years ago adequately address your needs today? Do you even have a buy-sell agreement? In this blog video, Wayne shares his thoughts on the all-too-common lack of a solid buy-sell agreement. Please listen and share your comments below.
Mike says:
Wow cool
Wayne Rivers says:
Thanks.
Michael Jones says:
I’m 2nd generation, and wanting to develop this discussion with my parent. We’ve discussed casually previously. Do you recommend speaking to an attorney or to the CPA, or both in which order?
Wayne Rivers says:
Neither! Don’t they primarily work for your parents? Organize your thoughts and feelings on paper. Ask your dad for a formal appointment outside of the office. Present your wish to initiate succession planning, and see what happens. If it gets heated, pull back and say you want to talk again one day when things cool down. It ain’t rocket science; just try to have a business discussion, not an emotional free for all.
Kelly C. says:
THANK YOU, WAYNE! This is the TALK I needed to force myself to motivate our family to get an updated and agreeable BUY-SELL in place and refreshed for the 21st century! Our buy-sell has been activated once, and we are still literally paying for it. BAD MOVE on our parents’ part.
Wayne Rivers says:
Excellent, Kelly! Full speed ahead!