Preparing for Retirement, Protecting Your Future, & Preserving Your Wealth
Many small business owners cannot imagine a time when they won’t be running their business – but it’s inevitable and you can prepare now.
Succession Planning
It is a strategy for identifying and training future leaders of the company, as well as outlining the sale of your business, or your portion of it. Just like your Will or other estate planning documents, your succession plan isn’t something you create and forget about until it’s needed. It may evolve as you approach retirement or as you identify potential successors or buyers.
It can be challenging and emotional to think about a time when you aren’t involved with your business. But taking action today helps protect the business you’ve worked so hard to build. It also helps to protect your family’s wealth as you secure a new owner and helps direct its legacy.
In this guide, we discuss:
Where to start in succession planning
Considerations for family-owned businesses
Business valuation methods
Protecting your business with a buy-sell agreement
The role of insurance in your succession plan
Tax minimalization strategies to preserve wealth
