Once a rough framework for bank succession is in place, it’s time to call in the professionals — estate lawyers and tax accountants who can advise on and execute the technical aspects of transferring bank ownership along with other assets to the next generation. A well-crafted buy-sell agreement that specifies what happens to the principal owner’s stock at retirement or death is essential. A buy-sell (or buy-out) agreement provides for the redistribution of shares to put control of the bank in the right hands when a major shareholder leaves the bank, becomes disabled or dies . . .
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