Page 10 - SPF753 Business Owners Financial Solutions Brochure
P. 10

Buy and Sell Insurance

         You and your business partners should plan your ultimate exit from the business
         just as well as you planned your entry into the business. If a partner dies or
         becomes disabled, the remaining partners should be able to buy the share of the
         deceased or disabled partner. This will prevent someone buying into the business
         who the remaining partners did not choose, as well as enable the family of the
         deceased or disabled business owner to sell his/her share of the business.

                         Ability to buy out partner’s share
              Prevent somebody from outside buying into the business


              Partner 1              Business               Partner 2

       9                                                    Disabled
   5   6   7   8   9   10   11   12   13   14   15