I’m pleased to announce that my latest book, Buy-Sell Agreements: The Last Will & Testament for Your Business, is out!!!  In this blog, I introduce you to the book and identify some helpful features that I built into and made a part of the book to make the task of putting together a good buy-sell agreement easier and less stressful.

Let’s begin with its table of contents of the book:

Table of Contents
1. Why You Need a Buy-Sell Agreement Now
2. General Elements of an Effective Buy-Sell Agreement
3. Types of Buy-Sell Agreements and Alternatives
4. Which Type of Agreement Is Best for You?
5. Restrictions, Transfers, Rights, and Options
6. Redemption Buy-Sell Agreements
7. Cross-Purchase Buy-Sell Agreements
8. Hybrid Buy-Sell Agreements
9. Triggering Events and Responses to Triggering Events
10. Funding Purchases in Buy-Sell Agreements
11. Valuations in Buy-Sell Agreements
12. Common Errors in Buy-Sell Agreements
13. Working with Professional Advisors
14. For Professional Advisors
15. Resources

Note that the book encourages collaboration with your professional advisors in putting together your own effective buy-sell agreement. I didn’t write this book either to enable or encourage you to do it yourself. Buy-Sell Agreements are perhaps one of the trickiest and most challenging legal documents to draft, much more difficult than a will or trust. This is why so few lawyers draft them well. In truth, they’re hard to draft. Very hard.

Collaboration is the key to a successfully curated buy-sell agreement. Note that Chapter 13 discusses working with professional advisors in putting together a buy-sell agreement. I intentionally wrote Chapter 14 expressly directed to your professional advisors. Why, you ask? The question is a fair one, but the answer is an easy one: Very few professional advisors have any books or professional guide as that pertain to buy-sell agreements.

The sad fact is that there aren’t a lot of books and guides on buy-sell agreements that are directed toward professional advisors. I identify the best of them in the book. However, those books tend to be pricey and aren’t widely owned individually by professional advisors. I wrote a practical cBu-hapter for your professional advisors primarily to identify 21 commonly encountered errors in drafting and implementing buy-sell agreements. By writing to both the business owner and the professional advisor in the same book hopefully will encourage and facilitate helpful dialogued between the business owner and their professional advisor.

The book contains a number of helpful checklists and tools, including an entire buy-sell agreement form, which I used to call the “interest transfer agreement” as well as excerpts from other buy-sell agreements to illustrate how particular provisions in a buy-sell agreement can be crafted. The book tools include:

The buy-sell grid

Interest Transfer Agreement (download from www.paulhoodservices.com)

Buy-Sell Agreement Review Checklist

Buy-Sell Agreement Life Insurance Notice and Consent Provision

Buy-Sell Agreement Necessary Documents Checklist

Buy-Sell Agreement Drafting Checklist

Buy-Sell Agreement Drafting Checklist

In closing, my latest book, Buy-Sell Agreements: The Last Will & Testament for Your Business (New Ed. 2021) has been a collaborative modern family to maintain virtually importance of buy-sell agreements and Buy-Sell Agreements. I hope to add another blog in the not too distant future to demonstrate how easy if others can relate my book alignment from a particular sidenote, etc.

Have a wonderful day!!!