FAMILY BUSINESS SUCCESSION AGREEMENT
Effective Date: [Date]
1. PARTIES
1.1 This Family Business Succession Agreement ("Agreement") is entered into as of [Date] by and between:
[Party A Full Legal Name] ("First Party"), residing at [Address];
and
[Party B Full Legal Name] ("Second Party"), residing at [Address].
1.2 The Parties enter this Agreement voluntarily, with full understanding of their rights, and after having the opportunity to consult with independent legal counsel.
2. RECITALS AND PURPOSE
2.1 WHEREAS, the Parties are [describe relationship — married, domestic partners, family members, etc.];
2.2 WHEREAS, the Parties wish to establish clear terms regarding [describe purpose — property division, care responsibilities, succession planning, financial arrangements];
2.3 NOW, THEREFORE, the Parties agree to the terms set forth below in the spirit of mutual respect and cooperation.
3. TERMS AND CONDITIONS
3.1 [Primary arrangement details — rights, responsibilities, property, financial terms].
3.2 Specific obligations of First Party: (a) [Obligation 1]; (b) [Obligation 2]; (c) [Financial commitment, if applicable].
3.3 Specific obligations of Second Party: (a) [Obligation 1]; (b) [Obligation 2]; (c) [Financial commitment, if applicable].
3.4 Shared responsibilities: (a) [Joint obligation 1]; (b) [Joint obligation 2].
4. FINANCIAL PROVISIONS
4.1 The Parties agree to the following financial arrangements: (a) [Income/expense sharing arrangement]; (b) [Property ownership and division terms]; (c) [Support or maintenance obligations]; (d) [Insurance and beneficiary designations].
4.2 Each Party shall maintain separate financial records for individual assets and obligations.
4.3 Joint financial decisions exceeding $[Amount] shall require written consent of both Parties.
5. DISPUTE RESOLUTION
5.1 The Parties agree to resolve disputes through the following process: (a) Good faith discussion between the Parties; (b) Mediation with a neutral third-party mediator; (c) If mediation fails, binding arbitration or court proceedings as appropriate.
5.2 The Parties agree to prioritize amicable resolution and the well-being of any affected family members, including minor children.
6. MODIFICATION AND TERMINATION
6.1 This Agreement may be modified only by written instrument signed by both Parties.
6.2 This Agreement shall remain in effect until [termination event or date], unless earlier terminated by mutual written consent.
6.3 Provisions relating to [financial obligations/property rights] shall survive termination of this Agreement.
7. VOLUNTARY EXECUTION
7.1 Each Party acknowledges that: (a) They have read and understood this Agreement in its entirety; (b) They have had the opportunity to seek independent legal advice; (c) They are signing this Agreement voluntarily and without duress or undue influence; (d) Full financial disclosure has been made by both Parties.
8. GOVERNING LAW
8.1 This Agreement shall be governed by and construed in accordance with the laws of the State of [State/Jurisdiction], without regard to its conflict of law provisions.
8.2 Any disputes arising under or in connection with this Agreement shall be resolved in the state or federal courts located in [County], [State], and each Party hereby consents to the jurisdiction of such courts.
9. SEVERABILITY
9.1 If any provision of this Agreement is held to be invalid, illegal, or unenforceable, the remaining provisions shall continue in full force and effect.
9.2 The invalid or unenforceable provision shall be modified to the minimum extent necessary to make it valid and enforceable.
10. ENTIRE AGREEMENT
10.1 This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior negotiations, representations, warranties, commitments, offers, and agreements, whether written or oral.
10.2 No amendment or modification of this Agreement shall be valid unless made in writing and signed by both Parties.
SIGNATURES
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.
[Party A Name] Signature: ___________________________ Name: [Full Legal Name] Title: [Title/Position] Date: [Date]
[Party B Name] Signature: ___________________________ Name: [Full Legal Name] Title: [Title/Position] Date: [Date]
DISCLAIMER: This template is provided for informational purposes only and does not constitute legal advice. Consult a qualified attorney before using this document to ensure compliance with applicable laws in your jurisdiction.
