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Tampa Buy-Sell Agreements Attorney

As an entrepreneur, you have dreamt of building a successful business. However, it is of the utmost importance that you plan for the unexpected. You must consider what will happen if another owner wants to leave the company, or if unforeseen circumstances will prevent them from working. A buy-sell agreement can provide protection and clarity when these issues arise. Our Tampa buy-sell agreements attorney can advise on how to create this document and ensure it is legally binding.

What Does a Buy-Sell Agreement Do?

Buy-sell agreements, also sometimes called buyout agreements, act as safety nets for businesses that have multiple owners. These legal contracts state how to proceed if any owner chooses to retire, leave, pass away, or become sick. The main purposes of these contracts are as follows:

  • Set the price: A buy-sell agreement should outline the price an owner can ask if they want to sell their portion of the business.
  • Paying for the sold portion: The buy-sell agreement should also outline how the other owners will pay for a departing owner’s share and what funds will be available.
  • Overseeing changes of ownership: A buy-sell agreement should also outline the steps an owner should take if they want to sell their share, and how proceedings will move forward.

Why Draft a Buy-Sell Agreement?

Florida is a melting pot of diverse cultures and for business owners, it is a very tax-friendly state. These factors and more provide entrepreneurs in the state with a thriving business environment. Due to this unique position, it is critical to have a clear strategy that can help you navigate the complexities of the business world. The biggest benefits of drafting a buy-sell agreement are as follows:

  • State law: Florida has its own set of business laws and these agreements can ensure all companies adhere to these rules, particularly when ownership is being transferred. A well-structured agreement can provide a clear path to follow without becoming tangled in legal intricacies.
  • Avoid future disputes: Partnerships can become particularly complicated. The more people involved in operating a business, the more opinions there are and there is an increased likelihood of disputes arising. A buy-sell agreement can clarify certain terms from the beginning, helping to avoid future disputes.
  • Retirement planning: Florida has been a haven for retirees for decades. When one owner wants to step back, a buy-sell agreement can help everyone prepare for a smooth transition.

Our Buy-Sell Agreements Attorney in Tampa Can Draft Your Contract

The business landscape in Florida is always evolving and business owners face unique challenges. To ensure these do not become more complicated than necessary, a buy-sell agreement is not just recommended, it is essential. Do not leave the future of your business to chance. At BBDG Law, our Tampa buy-sell agreements attorney can draft your contract properly to ensure it is enforced if ever necessary, and to help your business avoid some of the biggest obstacles. Call us today at (813) 221-3759 or fill out our online form to request a consultation and to get the information you need.

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