Buy-sell agreements can be extremely beneficial, especially for a small or family-owned business. If structured properly, they can address and help eliminate potential problems or issues before they arise.
A well-thought-out buy-sell agreement spells out/offers you:
- A known buyer for your business following your planned (or unplanned) departure from the business.
- A known purchase price, allowing you and your family to plan for the future with confidence.
- Estate liquidity in the event of death to help pay state and federal taxes, debts and other estate settlement costs.
- Business value for estate tax purposes, allowing you to plan in advance how your estate tax liability can be paid.
- Stability. By knowing who will lead your company forward, those who depend on your business (your employees, customers, suppliers, creditors, etc.) will feel more secure and be more likely to stay with the company.
- Improved access to credit. Banks and other lenders will be more comfortable extending credit if they know the future of the business is secure.
- Greater retirement security. By knowing how much money you will receive at retirement, including when and from whom, you can begin planning for retirement on your terms without having to depend on the business for ongoing support.
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Term life insurance
Term life insurance provides low-cost protection and peace of mind for a certain period of time. While permanent protection is an important part of an overall life insurance plan, term insurance can protect you by helping to cover temporary needs, such as helping to pay off your mortgage or other debt. This can be an affordable way to help make sure your dreams and goals are protected.Learn more
Members can apply to receive a $100 prepaid VISA® card to purchase supplies for a hands-on service project in their community, plus an in-depth project guide, T-shirts and more to help them organize a successful event. Modern Woodmen will give away up to 500 grants per year on a first-come, first-served basis.
See this benefit in action with these real-life project ideas.