What if I can’t work anymore?
Business Succession and Continuation
Business succession planning is a process designed to assist the business owner to transition out of business and transfer ownership of business at the time of retirement while maximizing the business owner’s personal financial security.
Minimize the risk if death, disability or critical illness were to happen to a key person or shareholder of the business.
Purpose
Addresses all eventualities including the possibility of death, critical illness or disability of a business owner.
Who’s this for?
- Key Person
- Shareholder
- Buy Sell Arrangement
- Business Loan/Overhead Risk
Benefits
- Value of your business can represent a substantial source of income in retirement, therefore proper succession planning can ensure that the risks to your lifestyle in retirement is minimized.
- If your hope is to have your business continued by one or more family members, then you will likely need to coordinate your business plan with your estate plan and explore any tax deferral opportunities.
- Any unforeseen events could lead to problems in your business without proper planning. Advanced planning can ensure that you, your business and family are protected.
- Retain Key Employees and Shareholders
- Minimize the impact on your business if key employees, shareholders or business owners were to become disabled, critically ill or die
- Retire or lower debts if key employees, shareholders or business owners were to become disabled, critically ill or die
