Business Succession Planning

Obviously it is an important issue!  Many business owners have created a very successful business by working incredibly hard to develop something that is worth a fair amount of money.  Unfortunately, a lot of these same people have not implemented a succession plan.

Many of these same people do have an Estate Plan, including a well drafted Living Trust – obviously some do not – but it is silent regarding the business.  When planning ahead to protect the legacy that you have created, creating a thoughtful business succession plan is vital. Depending on the size and nature of the business, it may require the company's CPA, a financial advisor, an insurance professional, and an estate planning attorney. 

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