Business succession planning is a process of defining a well thought out map of how you are going to transfer your business ownership and transition out of your business management role. The process involves understanding the financial consequences of the transition and maximizing your personal and financial security for you and your family. Advance planning can help ensure that you, your family, and your business are all properly protected, through good and bad times.
Lack of doing so, could have impacts on the business that might result in poor business results, business failure, and loss of business income. It might create internal family strife or problems with other business partners. The business might lose its value, which 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.
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Finally, you need to be prepared for any unforeseen events, such as the death or disability of you or a business partner, which could spell business disaster without the proper financial protection. Careful consideration of Buy-Sell Insurance as well as Business Key Person Insurance may well make the difference in the survivorship of the company.
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