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Develop a succession plan
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 including business partners, family members, and key employees. It is critical that you have meaningful discussions about often overlooked questions — Who should the ideal successor be? What is the value of the business? What is the timetable for transition?No matter what event occurs, whether expected or unexpected, we can help you develop a succession plan that can potentially ensure a smooth transition that aligns to your vision for the business' future. Consider a few of the following options:Disability Income InsuranceA 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.Life InsuranceBusiness succession plans using life insurance can help ensure that your business is protected.