Sole Proprietorship Buy-Sell Agreement

Succession planning is vital to the survival of small businesses. This Sole Proprietorship Buy-Sell Agreement can help ensure the continuity of yours.

• The Agreement is between the owner of a sole proprietorship and an employee who wants to purchase the business when the owner dies, as both parties want the business to continue to exist.
• On the death of the proprietor, the executor or administrator of the estate will sell the business to the employee.
• The employee will finance the purchase through proceeds of a life insurance policy on the life of the proprietor.
• The purchase will include all real property, accounts receivable and other assets of the business.
• The parties will jointly determine the value of the business at the end of each fiscal year.

If you have an employee willing to take over your small business, don't delay. Download the Sole Proprietorship Buy-Sell Agreement.