Many business owners confuse a buy/sell agreement with the sale of the business, when in fact a buy/sell agreement is more like a “business prenup.” This basically ensures that a business will continue to survive, should one of the partners retire, become disabled, or pass away. A buy/sell agreement would establish whether or not the surviving partner would automatically own the business outright or whether he/she will still be splitting ownership with the business partner’s beneficiaries. At Garcia-Martin and Martin we are here to serve the needs of the Houston community with our buy/sell agreement services.
Buy/sell agreements are an excellent thing to have for your Texas business because they protect your interests in the company, as well as ensure the company’s survival should something happen to you or your business partner. One of our business attorneys can help draft a buy/sell agreement that puts restrictions on your business partner from selling their share of the company to someone who does not have the company’s best interests in mind. The agreement can also establish guidelines regarding the state of the company should one partner no longer be in a capacity to control their share in the business.
Buy/sell agreements are an important component of running your Houston area business because they will protect you and your business should something devastating happen. To learn more about a buy/sell agreement for your business, contact one of the business attorneys at Garcia-Martin and Martin. Our office serves Houston and surrounding communities including Fort Bend, Harris, Galveston, and Montgomery counties.