Do you have a plan for passing on your business when you want to retire? Without adequate succession planning, your business may not survive. Join us to explore topics like buy-sell agreements, business continuation planning, and preparing for a smooth business transition.
Identify your reasons for moving on when you retire. What are your priorities for your business transition?
Will you sell your business, leave your business to a family member, and what kind of agreement
do you have in place? Explore business continuation planning and know who has your
best interest in mind as you plan for the future.
What are your goals and priorities in selling your business or leaving it to a family member? Do you know who you want to run the company when you are gone? Examine your motivations as you make your plan.
What makes your business profitable? How strong is your brand? What intellectual property will go with your business? Knowing the importance of these questions will help you plan accordingly.
There are several options when putting together a buy-sell agreement for when an owner retires or passes on. Often funded by an insurance policy, a buy-sell agreement is vital to a business succession plan.
Identify all of the pieces of the puzzle, then decide what professional help you need in order to reap the greatest rewards for your effort. Business continuation planning ensures that you, as a business owner, transfer that business in a way you see fit, when you see fit, while preserving as much business value as possible.