The Buy-Sell Life Insurance Agreement serves as a crucial business succession planning tool in the United States, particularly for closely-held businesses. This document becomes essential when business owners want to ensure seamless transition of ownership upon death while providing liquidity to the deceased owner's estate. The agreement details how life insurance policies will fund the purchase of business interests, specifies valuation methods, and establishes procedures for executing the transfer. It helps prevent potential disputes and maintains business stability by providing a clear framework for ownership transition.
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1. Parties: Identification of all parties to the agreement, including the business entity and owners
2. Background: Context of the agreement and current ownership structure
3. Definitions: Key terms used throughout the agreement, including Insurance Policy, Trigger Events, Purchase Price, etc.
4. Purchase Obligation: Terms of mandatory purchase upon trigger events and the structure of the buy-sell arrangement
5. Insurance Policy Requirements: Details of required insurance coverage, policy specifications, and ownership structure of policies
6. Premium Payments: Responsibility for premium payments, consequences of default, and allocation of costs
7. Valuation Method: Agreed method for determining business value and purchase price calculation
8. Trigger Events: Specific events that activate the buy-sell provisions including death, disability, retirement, etc.
1. Right of First Refusal: Optional provision giving certain parties priority in purchasing shares when an owner wishes to sell to outside parties
2. Disability Provisions: Specific terms covering disability-triggered buyouts and related insurance requirements
3. Cross-Purchase vs. Entity Purchase: Detailed structure of purchase arrangement specifying whether surviving owners or the entity will purchase the interests
1. Schedule A - Current Ownership: Detailed breakdown of current ownership percentages and shares
2. Schedule B - Insurance Policies: Comprehensive list of all insurance policies, carriers, coverage amounts, and beneficiaries
3. Schedule C - Valuation Formula: Detailed methodology for business valuation including specific calculations
4. Appendix A - Sample Calculation: Example calculations demonstrating how the valuation formula works in practice
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