Business Planning


Uncertainty Requires Planning

You’ve put too much into your business to have it unravel when you’re no longer actively involved.

When you are no longer in the business…

• Will it provide income for you? For your spouse and family?

• Will your family sell your interest? If so, at what price?

• Will potential estate taxes jeopardize its continuation?

• Who will inherit your co-owner’s interest in your business if something should happen to him or her?

Need for a Plan. Questions like these need answers that should be well thought out. Planning for ownership succession of a business can seem complicated and, therefore, business owners often avoid it or approach it unwillingly.

However, successful owners of sole proprietorships, partnerships and corporations need to remove any uncertainty over what will happen to the business when they’re gone. 

Without a plan for ownership succession your departure may have a serious financial impact on your family, employees and surviving owners. Outsiders may determine the fate of your business, possibly jeopardizing a lifetime of hard work 

Assuring the Continuation of Your Business

The best way to provide for the future of your business is to plan for it today. A business succession plan can be your roadmap for the transfer of your business to your successor  owners thereby assuring its ongoing future success. A critical part of this plan is a buy-sell agreement.

What the Agreement Can Do

This agreement enables you to anticipate the transfer of your business interest upon the occurrence of triggering events such as retirement, disability or death.

In addition, it will:

• Preserve the value of the business for you and your family

• Establish a method for valuing your business interest

• Enable you to select your successor owners

• Determine the estate value of a non-family owned business

• Ensure continuity of management that is critical for the ongoing success of the business An owner’s death or disability cannot be anticipated. When either occurs the obligation to purchase an owner’s business interest can place a financial strain on the business and surviving owners. Funding this obligation with life and disability income insurance will protect the financial wellbeing of your family as well as your business.

Advice You Can Count On

With so much riding on choosing the best plan, the investment of time spent today will be one of the wisest business decisions you will make.

Our team of professionals, working with your advisors, will guide you through this planning process and ensure that your plan is properly implemented and maintained.