Succession Planning for Business

Many businesses start modestly but over time grow and evolve into a large and profitable organization.  All too often, though, the business leaders fail to plan for what will happen when they are ready to step down, or become incapacitated or die. Failure to plan for a succession, and preferably provide for a buy-sale agreement funded with life insurance to provide for a smooth transition and the funds to address buy-out and estate tax concerns can destroy a business that took a lifetime to build.  In most instances, advance planning can mitigate or avoid the worst of these adverse consequences, and insure that the value of the business can be realized for the business leaders in their retirement or left for their family.