Why you need a buy-sell agreement.

It is not uncommon for surviving business owners to find that the heirs of the deceased business owner want to take on a role in the management of the business, even though the family members may have insufficient skills or experience to participate in the business, let alone, the management of the business. Perhaps, the surviving business owners want nothing to do with the deceased owner’s family because of the lack of trust or chemistry. Alternatively, the deceased owner’s family may be under pressure to raise cash to pay taxes, administration and probate expenses and the business interest is the only substantial asset available to be liquidated. In the case of a forced liquidation, the value realized may be significantly less than expected or required.