You’ve worked hard to make your business successful. On the road to success, you’ve made many plans. From launching the business to fostering growth, introducing new products and services, and expanding into new markets, you’ve proceeded with careful planning.
Yet one plan that often gets overlooked is a succession plan for when a business partner or a participating family member dies.
Are you owner of a standard business?
Without a plan, you’re left hoping that your partners “do the right thing” for your family in the tragic event of your death. Your family members are also left hoping that the business has enough liquidity to pay the fair value to your heirs for your interest in the business.
Let Everest help you prepare a buy/sell agreement that is funded with life insurance. A buy/sell agreement lets you define who can purchase your share of the business and how much they should pay. The life insurance policy guarantees that the necessary funds are available when a buy-sell event is triggered.
Is your businesses family-owned?
Leaving your business to your children (or some other family member) is not a simple matter. Some questions you need to consider are:
- Will your children have sufficient cash to purchase the business from your estate or spouse after you have passed away?
- Assuming there are gift tax and estate tax consequences, will your estate or children have sufficient liquidity to pay those taxes?
- What if one or more of your children do not want to participate in the business? How do you pass on an equal share of your estate to all your children?
Everest can help resolve all these issues and more with a family buy/sell succession strategy crafted especially for your business succession demands.
Get the ball rolling.
Give us a call today to start learning what Everest can do for you and your business. 949.468.0446