Building a business is no small feat. It takes hard work, dedication and tons of perseverance. But it all starts with a plan. Just as you have a business plan, you also need a business succession plan. This is a critical strategy that outlines the “what-if” scenarios that can affect a business in the event of a business owner, partner or key employee’s retirement, disability or death.
Invest in Your Peace of Mind
Let’s face it, there’s peace in knowing that your business will continue on after a business owner or business partner is gone. Successful business continuation planning addresses those difficult questions people are afraid to ask. Who will get the business if I die? How can make sure my share of the business is transferred to my child? Where will the funds come from to pay my debts and taxes?
Mitchell Clark’s expert team will assess the value of your business, determine how much to ensure the company for and put agreements in place to protect your interests, your business, and your entrepreneurial dream.
BENEFITS OF BUSINESS SUCCESSION PLANNING
The key benefit of prudent business succession planning is peace of mind. A formal business succession plan provides comfort in knowing that the business you have built will continue and your legacy will be preserved, which is priceless.
Other benefits include:
- Simplifies the retirement process
- Eliminates confusion and debates
- Fosters a smooth transition for your heir or whoever takes over the business
- Avoids exhaustive court battles and probate proceedings
CLIENT REAL WORLD EXAMPLE
While discussing insurance needs with a client, Kathy Clark, CEO of Mitchell Clark Insurance Solutions, discovered that the client’s business actually started from a deep seeded passion. Years later that passion had become a thriving business. Knowing the client wanted to pass the business to a family member one day, Kathy asked the client if he had a buy/sell agreement in place. Surprisingly, the client did not know what a buy/sell was. In fact, he did not realize that without a buy/sell agreement his business could end up in the hands of others and not the family member he intended it to be.