Business Succession Planning: Are You Prepared?

While sitting at your desk, you look around the office. You enjoy the sight of what you have created. That moment when you realize you have built this business from the ground up and succeeded. Life is good. But as you look around, what happens to all this if something was to happen to you tomorrow. What happens to your employees, partners, and family? Do you have a business succession plan?

If you die unexpectedly…

Can your family continue to run your business?
Do you have a management succession plan in place?
Will your family have sufficient liquid resources to hire someone to replace you?
If you have partners, will they pay your family a fair price for your business?
Have you considered the impact of estate taxes on your family business?
Do you have an estate planning team familiar with business succession planning?

When the time is right for retirement…

Do you have a buy sell agreement that is well prepared?
Is your buy sell agreement adequately funded?
Will you have enough income for retirement?

If you are unsure about any of these questions, it is in your best interest to contact estate planning attorney, Mathew Jacob today.

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