Do you own a corporation with another shareholder? Are you or they an intricate part of day-to-day operations? If so, do you know what is going to happen if one of you can’t work anymore in the company?
Do you get along with their spouse? What would happen if the spouse suddenly became an officer in the company? Could you handle that?
Things like this are planned for in a buy/sell agreement, also known as a shareholder agreement or business succession planning. It’s like estate planning, but for your business.
If you haven’t done one yet, get it done soon. You don’t know what tomorrow will bring, so you need to be prepared, and you don’t want others cleaning up your mess.
I, too, love it when a (business succession plan) comes together:
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