Business
Continuation and Family Succession
You’ve spent a lifetime planning and building your business. Have you planned for its
survival?
If something happens to you, what will happen to your business? Will it continue to
thrive? Will it wrap-up operations smoothly? Or will it cause confusion and concern for
your surviving partners, employees or family? You are the person best suited to planning
what happens, and unless you make decisions now, your wishes may be overlooked. To ensure
everything happens according to your objectives, you’ll need to answer the following?
- Who will run the business?
- How will your spouse get income?
- How will other family members be provided for?
- Who will pay creditors?
- How will estate taxes and settlement costs be paid?
- What will the partners (if any) want to do?
- Will the partners buy the business?
- How will they fund the purchase? How much will they
pay”
- What do you want to happen?
Poor planning can result in ill-suited personnel in the
company boardroom. Unless you feel confident that your child will be able to run your
business as well as you do, you should give some thought about what will happen to your
business if something happens to you.
With a well structured Buy-Sell Agreement, you can plan for the continued success of your
business, ensure that proper management is in place and pave the way for appropriate
financial settlements.
For more information, contact us.
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