Business Succession Planning

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Will Your Business Always Be As Strong As It Should Be?

You’ve worked hard to build your business. Don’t leave its future to chance. Running a business takes everything you’ve got – whether you’re a one-person company or a large corporation. It’s easy to get caught up in the day-to-day tasks and lose sight of some important issues.

For example, what would happen to your business if you or one of the principals were to die? How would your family be affected? How would your business and financial obligations be handled? If these simple questions are troubling, you may benefit from the advantages of a good business succession plan.

Funding a Business Succession Plan

One of the key objectives of a business succession plan is to establish how the business will be treated when an owner dies. It also takes the family’s interests and responsibilities into account.

A good business succession plan establishes funding for these transactions. After all, a plan is no good without the money necessary to make it succeed. Sometimes the money comes from the business itself, other times from a bank loan. However, a better way to fund a succession plan is almost always through life insurance.

  • Life insurance provides a large sum of money exactly when and where it is needed.
  • The life insurance can be tailored to your specific needs and requirements.
  • There are no bank loans to repay and no drain on business operating income.
  • Life insurance can be used in many ways, making the transition easier. It can purchase business assets or ownership interests, protect lines of credit, pay off debts, or provide a valuable benefit to key employees.

Take Time to Build a Stronger Business

Your business is valuable. Make sure it survives your passing, and goes to those most qualified to run it. Don’t let your hard work go to waste, review your business succession plan today.

Why not get a quote for the protection you need?