What is a business succession plan?
As the name implies, a Business Succession Plan prepares your business for seamless transition after your passing. If you are a small business owner, it's never too early to start thinking about things like:
- Who will be your successor?
- Where will the money come from to cover the Estate Tax?
- Will your share of the business be bought out by a partner?
- How do you ensure adequate capital to fund the transition period?
Failure to address these issues can result in loss of money, burden on your successors and heirs, and possibly the loss of the business.