Not planning for business continuity
Frequently we see business owners get sick, die, or get sued where there is no formal agreement amongst the partners. When this happens it is not desirable from both sides of the equation. The remaining/surviving owner(s) have a new, unplanned partner in the person named in the decedents will.
The family who may be impacted by the disability or death of the parent/husband/owner may not be able to realize full and fair value for the affected ownership interest with a properly funded agreement amongst the owners.
--John P. Napolitano, Tailoring Strategies to Manage Your Financial Future, Braintree, Mass., 02184, 781-849-9200 x239, email@example.com