5 Elements of a Strong Succession Plan
Could your company thrive without you? Keep your business growing聽and strong鈥攁nd your family protected during the transition.
View our infographic illustrating 5 elements of a strong succession plan.
Your business represents countless hours of planning and plenty of hard work. You want to protect it鈥攏ow and after you鈥檙e gone, from retaining your workforce and improving operating expenses to writing a succession plan. We have resources that can help promote the growth, success and longevity of your business.
A business protection plan guards the enterprise against the unexpected. It also lays out a clear plan for the future. Your plan addresses the following: lining up the next generation of leadership; a buy-sell agreement, which leaves no ambiguity about future ownership of the company; and protections and benefits for employees, so your company attracts鈥攁nd retains鈥攁 strong workforce.
Source:
Deloitte Business Succession Planning
Yes. It鈥檚 as tempting to put off crafting a succession plan as it is to put off writing a will. But you cannot assume everyone knows your wishes about the future of your company. Not spelling things out could lead to confusion and frustration that ultimately harms the business鈥攁nd tarnishes your legacy as a business owner. So, move succession planning up on your to-do list.聽
Source:
Wilmington Trust, 鈥淲ilmington Trust Survey Reveals Vast Majority of Business Owners Unprepared to Sell Business or Transition, Even as Many Approach Retirement Age鈥
A buy-sell agreement makes things clear and easy. This document is a legally binding contract that smooths the transition of business ownership. It also protects your family and the business by outlining a clear path for distribution of the business owner鈥檚 share. Getting such an agreement in place eases everyone鈥檚 minds and infuses the leadership group with confidence about the future of the business.聽
Source:
Deloitte Business Succession Planning
Could your company thrive without you? Keep your business growing聽and strong鈥攁nd your family protected during the transition.
View our infographic illustrating 5 elements of a strong succession plan.
Offers death benefit protection with tax deferred cash value build up, and tax-free access to the cash value via policy loans and withdrawals.
Family / Estate Planning
A plan that includes life insurance can help provide liquidity and equality in a family business succession.
Estate Planning / Family
Creating a detailed succession plan is paramount for a smooth and profitable transition.
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LEARN MOREFor you, family is one of the most important things in your life. You take care of them. They take care of you. Making sure that they鈥檒l always be taken care of, no matter what happens.
LEARN MOREYou don鈥檛 know what the future has planned for you, but you want to be prepared for the unexpected and be able to achieve your goals.
LEARN MOREBeing happily retired looks different for everybody. Maybe you want steady retirement income that lasts or supplemental income to help you meet the unexpected in life.
LEARN MOREFor you, family is one of the most important things in your life. You take care of them. They take care of you. Making sure that they鈥檒l always be taken care of, no matter what happens.
LEARN MOREYou don鈥檛 know what the future has planned for you, but you want to be prepared for the unexpected and be able to achieve your goals.
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The primary reason for life insurance is death benefit protection.
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