Business Sucession Planning | Business Owner Solutions
Business Succession Planning- is a process of determining how you are going to transfer your business ownership and transition out of business management role, while maximizing your personal financial security.
Reasons to consider planning:-
-
A poor management transition plan can have negative impact on business results, and can even result in business failure.
-
The value of your business may represent a substantial source of income in retirement. Proper succession planning can help ensure that risks to your retirement capital are minimized as you approach the end of your career.
-
If you hope to have your business continued by one or more family members, you are likely need to co-ordinate your business plan with your estate plan. You will also want to explore any tax deferral opportunities that could benefit you and other family members.
-
An unforeseen events – such as the death or disability of you or a business partner – could lead to business chaos without proper planning and financial protection. Advance planning can help ensure that you, your family, and your business are all properly protected, through good times and bad.
Process involves-
-
Risk Management – premature death, will, disability, critical illness.
-
Retirement planning – Registered plans, Asset allocation, Non-registered savings plan.
-
Other savings goals – children’s education, Tax minimization.
-
Key person protection, buy sell agreements, business loan protection, benefits planning.
-
Ownership transition, Management transition, Retirement planning.
-
Power of attorney, Tax planning, Trust planning.
To receieve your - Business Continuation Planning Kit, at no cost, please contact us.
Please have your Advisor Contact Me
