- September 28, 2021
- Posted by: Stratford Team
- Category: Business
Why Business Owners Should Consider Buy-Sell Agreements Before the End of the Year
There are nearly 32 million small businesses in the United States, according to the Small Business Association. Of those, 81% are single-person entities with no employees on the payroll. According to PNC, while 60% to 70% of small business owners want to pass along their business to the next generation, only 15% have an actual succession plan in place.
Having a succession plan in place protects the value that you build in your business so you can have a more secure retirement, and also protects your family in the event of your untimely death. A succession plan also ensures your clients are taken care of.
With tax changes afoot, you might want to sell your business before the end of the year. If you want to set up a buy-sell agreement and engage in the sale of your business before tax laws change and capital gains rates go up, this…