Business owners often establish a buy-sell agreement between partners that is funded by life insurance. A buy-sell agreement is created and funded so that, in the unfortunate event of a death of a partner, there is cash available to fund the purchase of the deceased partner’s interest from the partner’s surviving spouse or estate. However, business owners need to know the current fair market value of the business in order to fund the buy-sell agreement with an adequate amount of life insurance. The experts at Mack Business Appraisals, LLC regularly work with business owners and their legal and financial advisors to determine the fair market value of a business for purposes of establishing and funding a buy-sell agreement. We also work with business owners of growing companies to provide updates to the business appraisal (e.g. annually, bi-annually) to ensure that the buy-sell agreement stays properly funded through the purchase of additional life insurance as the value of the business grows.
“I have retained John several times to provide business valuations for estate and business planning clients. John is knowledgeable and detail-oriented. He keeps me updated throughout the valuation process and always provides a great work product.”
“John is a man of honor, respect and integrity. He goes above and beyond for his clients with honesty and accuracy. I look to John with high regards and much respect.”
“It is a joy to work with John because he does what he says he will do, communicates status with the client & advisory team, follows up as necessary with additional questions, produces a complete, professional product and delivers on time. He knows his business and, for the icing on the cake, he is a great person!”
“John worked extremely well with a client that needed a business appraisal for estate purposes, but was extremely distraught and as such no so motivated. John, with highest quality, compassion and professionalism got the appraisal done. Thank you again, John!”
“John Mack has done excellent business and estate planning appraisal work for me and my clients. He has a CPA and appraiser background, he stays up with current law in this area to comply with IRS requirements, and understands the issues for advanced estate planning.”