Rubber Industry

ARPM Rubber Manufacturing Blog

The ARPM Rubber Manufacturing Blog allows members to rapidly communicate with each other. Post both questions and answers to questions that other ARPM members have about any industry topic from material and process issues to R&E Tax Credits and other business issues.

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Rubber Manufacturing Blog / Business / Buy-Sell Agreement Updates
Posted:  15 Jan 2014 18:23
With the beginning of a new year, many businesses are taking stock of items that need to be refreshed or updated as they head into 2014.  One issue our law firm suggests needs to make any closely-held businesses' short list is its buy-sell agreement.  By a buy-sell agreement, I mean the provisions by which a business restricts the transfers of its ownership and triggers sales of that ownership upon the occurrence of certain events, such as the death or disability of its owners.  Essentially, a buy-sell agreement is a document by which a business controls who is an owner and when that ownership might cease.  Oftentimes, years pass since a buy-sell agreement has been revisited or updated to be sure it still applies and is "state-of-the-art".  Purchase price mechanisms or formulas maybe no longer applicable or accurately reflect the value of the company.  Worse yet, many businesses simply don't have a buy-sell agreement in place.  So, when creating a "to do" list for 2014, give some thought as to whether a buy-sell agreement review or update needs to make the cut. 

Joe Keglewitsch (Ice Miller)
josef.keglewitsch@icemiller.com
614-462-2279

Joe Keglewitsch