SUCCESSION PLANNING: FOR THE BUSINESS OWNER
The American Dream – You spend years building your business. Then one day you realize that it will become someone else’s responsibility to run if you retire or meet an untimely demise. There are many nightmares that can occur should you not make a timely plan for that day. Health issues, accidents, or other maladies can cut short the American Dream. With a Succession Plan, you have written down what it is you expect to achieve at your exit, along with assuring that with your absence (planned or unplanned) the goal can be met.
A succession plan is not a simple statement that the business ownership transfers to “X.” On the date of the business transfer, you, your heirs, and your business, could be surprised by:
A variety of products to fund a succession plan are available which may include one or many of the following:
The above needs to be considered with your own Estate Plans, for your retirement needs and any family legacies you may wish to accomplish.
Consult the Chicago Insurance Agents at The David Agency today to learn how we can help develop personal insurance, business insurance and employee benefit plans that are right for you and your business.
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