What happens to the business if you decide to retire? What happens if a member of the ownership team dies unexpectedly?
- If a member of the ownership group dies, succession planning will help you make sure that there are sufficient assets available to cover the deceased’s share of the business.
- It will also facilitate a more timely settlement of the deceased’s estate.
- And, last but not least, it will help the new owners resolve potential cash flow problems and eliminate the need to liquidate assets in the aftermath of the previous owner’s retirement, death, or departure.
A carefully developed succession plan will help you prepare for these possibilities. So you can engineer a smooth transition of your business to the next owner, partners, or ownership group.
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If you’re ready to start planning for the future of your business, talk with our experienced professionals today. We can help you develop a customized succession plan to address these and other goals.
