Succession Planning for Small Business Owners

Preparing for Retirement, Protecting
Your Future and Preserving Your Wealth

Many small business owners cannot imagine a time when they won’t be running their business.

What is a succession plan?

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 documents in your estate plan, your succession plan isn’t something you create and forget about until it’s needed. Your succession plan may evolve as you get closer to retirement
age or as you identify successors at your company.

It can be challenging and emotional to think about a time when you aren’t involved with your
business. But taking action today to create a succession plan helps to 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.

In this guide, we’ll look at:

• Where to start when it comes to succession planning
• Succession planning considerations for family-owned businesses
• Methods used to value a business
• Protecting your business and your future with a buy-sell agreement
• The role of insurance in your succession plan
• Tax strategies to minimize taxes and preserve wealth

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