Video Transcript:
We’re often asked, what’s the best way to provide a smooth transition of ownership and control of my business? Continuation planning is one of the most important ingredients for a successful family business, and it’s a process, not an event. Here are four important questions every business owner should consider:
Do you have a formal plan for continuing your business? If you do, make sure your plan is located where someone else could find it if you were to die unexpectedly.
Have you selected a successor to take over your business? That person should be named in your written business continuation plan.
Do you know the value of your business? A professional valuation, not a personal estimate, is critical to developing a successful plan. Do you have a buy-sell agreement in place? A buy-sell agreement is a contract between the owners of a business that enables the surviving owners to buy out the interest of a deceased or disabled co-owner.
For more information on successful business continuation strategies, give us a call or visit our website today.
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