Business Succession Planning
Both new and time-honored companies share the same need when it comes to longevity – a plan for the future. In order to secure the continuation of a closely held business at the death or disability of an owner or partner, formal planning is necessary. The unfortunate truth is that 70% of businesses fail before they are transitioned to a second generation. Much of this failure can be credited to a simple lack of planning.
Businesses sustain their history of accomplishments and success to help prepare for their future with a planned transition in the event of a leadership member’s death. It’s never too early to develop a plan to protect the future of your business.
Businesses use Life Insurance to help fund a business while they are transitioning between leadership to ensure continuity.
Businesses with a single leader or multiple leaders need to plan for the future leadership transitions.
Click here to read the article, Business Succession Planning: A Strategy to Ensure Future Growth.