Business succession planning is a series of logistical and financial decisions about who will take over your business upon retirement, death or disability.
Our experts will write a succession plan, after the first step that is to identify the ideal successor to take over the business, then determine the best selling arrangement.
This usually involves a buy-sell agreement, secured with a life insurance policy or loan.
There are 5 common ways to transfer ownership of your business:
- Co-owner — Selling your shares or ownership interests to a co-owner(s);
- Heir — Passing ownership interests to a family member.
- Key Employee — Selling your business to a key employee.
- Outside Party — Selling your business to an entrepreneur outside your organization.
- Company — For a business with multiple owners, you can sell your ownership interests back to the company, then distribute to the remaining owners.