Business planning
you know what it takes to build a successful business
It takes vision, preparedness, skills and desire - not to mention a focused dedication to achieving your goals. If you are like most business owners, you’ve worked hard and make many sacrifices to grow your business. That’s why you should put just as much energy into protecting it as you did building it.
Buy Sell Planning
This document is just as important as the keys to the front door. A Buy-Sell Agreement is a legally binding contract that specifies how a partner's share of the business is transferred in case of death or departure or upon certain other triggering events. It is a separate legal document that ensures that you draft with your attorney that ensures that any ownership transition will occur as planned.
business succession planning
There are three alternatives at the death, disability or retirement of a business owner. One is for the business to be continued by family members if they are ready, willing and able to do so. Money may be needed to pay taxes and provide income during a transition. Second is for the business to be sold to associates (partners or co-stockholders or key employees). Money may be needed to fund a buy-sell agreement. Third is the business may be sold to 3rd parties or may have to be liquidates if other options don’t work. Money may be needed to make up for loss value and income.
Key person Planning
What would happen to your business if your most key employee was suddenly no longer a part of your organization? This could be due to death, disability or, even worse, to your biggest competitor. Is there a way to protect against this type of loss?