You Can't Predict The Future, But You Can Plan For It
You’ve poured your time, energy, and passion into building your business. But have you taken the time to plan for what happens when you’re no longer in charge?
Many business owners put off succession planning or rely on generic buy-sell agreements that don’t reflect the unique needs of their business or family. Without a tailored plan, you could leave your legacy to chance.
Good Succession Planning Starts with the Right Questions:
When preparing for the future, consider what should happen to ownership shares if you or an owner retires, becomes disabled, or passes away. Standard plans often miss important details, but a strong, tailored plan can help you address key areas, such as:
- Family Dynamics: Are there blended families or heirs not involved in the business? A customized plan can help reduce or avoid future conflict.
- Business Valuation: Establishing a clear, agreed-upon method for valuation can save time, money, and stress later.
- Tax Strategy: Smart planning today can help minimize tax burdens tomorrow.
- Legacy Protection: A good plan can keep peace among family members and business partners. This helps make sure your wishes are followed.
Take Control of Your Business’ Future
Decide what you want to happen when an owner exits, then compare it to your current plan. If there’s a gap, now is the time to act.
Contact your Federated® Insurance marketing representative today to connect with an independent and qualified estate planning attorney.
This article is for general information and risk prevention only and should not be considered an offer of insurance or legal, financial, tax, or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all losses. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. This information is current as of its publication date and is subject to change. Some of the services referenced herein are provided by third parties wholly independent of Federated. Federated provides access to these services with the understanding that neither Federated nor its employees provide legal or other expert advice. All products and services not available in all states. Qualified counsel should be sought with questions specific to your circumstances. All rights reserved.