Business Succession Planning
If you own your own business, especially if you are the primary provider for your family, you should have in place temporary plans for the continuation of the business if you become incapacitated and permanent business succession plans for your eventual retirement and death.
When developing your business succession plan, you should consider things such as:
- Whether your business should be kept or sold (e.g., who besides you knows it well enough to keep it going; what training or systems cans you establish now to prepare your successors);
- If the business is worth more being sold as a whole or by selling off assets;
- Whether you have personal liability for any of your business debt;
- Who the best and worst prospects are for buying your business;
- If life insurance on your life could be a useful tool for keeping your business going in the short-term following your death
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Elizabeth Blust can help you evaluate your personal and business assets and liabilities and develop there temporary and permanent succession plans. To discuss your situation, please get in touch.