Business Succession Planning
What is the real value of your business to you and your family?
If you're like most business owners, your business has given you the opportunity to build an asset of considerable value--one that also generates a stream of income upon which the lifestyle of you and your family is dependent.
But have you ever considered what the impact your death or disability would have on the value of your business--and on that critical stream of income?
Important questions to consider?
- If you should die or become disabled, who would own and operate your business?
- Would your business be able to continue to provide income for your family in the event of your death?
- Would your business be in a position to continue to provide income for your family in the event of your death?
- Would your estate have sufficient liquid assets to pay estate taxes and other estate settlement costs?
The sobering fact is, without advance planning, a small business may be forced to liquidate upon an owner's death or disability--or the business may have to be sold, often at a greatly diminished value.
The Three (3) Business Continuation Options:
1. Retain the business for the family
2. Sell the business to co-owners, an employee, or an outsider
3. Liquidate the business on a planned basis
The objective of business continuation or succession planning is to help you evaluate which of these alternatives is best suited for the situation--and to help provide the necessary funds to assure that your goals and desires a reality.
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