When a business involves nonfamily members, a buy/sell agreement is a necessity to provide proper transition of the business to the appropriate individuals. It also ensures that the selling member receives fair value for his or her interest. There must be specific discussion about valuation, buy out terms, funding a buyout and restrictions on transfers to properly implement a plan. Pellittiere & Jonsson PLLC provides business owners the necessary guidance to navigate the complex issues of
business succession planning within the
estate plan. Each plan is different and will accomplish the particular needs of the owner and the family. With proper guidance the family business can stay in the family and continue to thrive for many generations.