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You’ve worked hard to build your business, but have you planned properly for your financial future and that of your business? With a small percentage of family or closely held businesses surviving to the next generation, proper planning is essential.
Special consideration must be given to the future of one’s business in light of the owner’s death or disability and how succession will occur. Small to mid-sized businesses should formalize succession plans to ensure that the business will survive and the owner will be provided for financially. In addition, the event of losing a key employee due to a disability can wreak financial havoc on a small or mid-sized business. Questions such as how long can the business survive and who should replace a key employee need to be answered.
Legacy Wealth Advisors can assist you in creating a properly structured business succession plan that will address your unique issues and will help ensure that the business you’ve worked so hard to build will survive your death, disability or retirement.