Questions you might ask...
What is your succession plan for your business?
What if you die prematurely or become disabled?
What is the true valuation of your business?
Who do you see buying your business? A business partner, family member, employee, or business competitor?
How will you be funded once you sell your business to another?
Do you have a buy sell agreement in place and is it funded?
The death or disability of an owner is one of the greatest threats to a business. Not only can it severely impact the day-to-day operation of the business, but it can raise all sorts of business succession and estate tax problems – proper succession planning can help.
Succession planning affects everyone who has an interest in the business—business partners, family members, and key employees. It is critical that you have meaningful discussions about often overlooked issues, such as who the ideal successor should be, what is the value of the business, and what is the timetable for transition. No matter what event occurs, either expected or unexpected, we can help you develop a succession plan that can help ensure a smooth transition according to your vision for the business’ future.
Consider a few of the following options:
Disability Income Insurance
A disability Buy-Sell policy is a great way to help ensure the orderly succession of a multi-owner business in the event of a long-term disability.
Business succession plans using life insurance can help ensure that your business is protected.