Itâs a dream for most families: build a successful business and eventually pass ownership of the company to the next generation and, hopefully, many generations after them.
But too many business owners fail to take important steps to ensure their business is handed down according to their wishes. Many have relied on good faith or on agreements based on a clause commonly referred to as âlast man standing,â meaning whoever is next in line will inherit and continue the family business. Today, however, because of the changing American family, a proper buy-sell agreement is essential.