Who Runs Your Business If You Suddenly Can’t?
Without a continuity plan, what happens to a business when an owner exits, becomes incapacitated, or dies depends on the business’s structure and any existing agreements — and the result is often a stalled company, a forced sale, or co-owners left without clear authority to act. A buy-sell agreement, paired with clear succession terms, determines in advance who can step in, how an owner’s share is valued, and who has the right to buy it. This is separate from — and should work alongside — an owner’s personal estate plan.
What we actually do
- Draft buy-sell agreements between business co-owners
- Structure valuation methods for an owner’s share in advance
- Draft leadership succession provisions for key employees or family members
- Coordinate business continuity planning with an owner’s personal estate documents
- Advise solo owners on continuity options even without co-owners
What to expect
We start by identifying what would actually happen to your business today if you or a co-owner suddenly couldn’t run it — often the first time owners realize how exposed they are. From there, we draft the agreements needed to close that gap: a buy-sell agreement among co-owners, succession provisions for leadership, or a plan for a sole owner’s exit or incapacity. We coordinate this work with your personal estate plan so the two don’t conflict.
Frequently asked questions
What is a buy-sell agreement?
A buy-sell agreement is a contract among business co-owners that determines what happens to an owner’s share if they die, become incapacitated, or want to exit — including how that share is valued and who has the right to purchase it.
Do I need a continuity plan if I’m a solo business owner?
Yes. Without co-owners, the more urgent question is often who has authority to manage or wind down the business if you can’t — which requires specific planning, often tied to your personal power of attorney.
How is my share of the business valued if I leave or pass away?
Valuation methods should be agreed upon in advance in a buy-sell agreement, rather than negotiated after the fact under stress. Common approaches include a fixed formula, independent appraisal, or agreed periodic valuation.
How does business continuity planning relate to my personal estate plan?
The two should work together — your personal will, trust, and power of attorney address your individual assets, while a buy-sell agreement addresses what happens specifically to your business interest. Handling them separately risks conflicting terms.
We build continuity and succession plans for business owners throughout Lynchburg, Forest, and Central Virginia, across businesses of every size.