Business Succession Planning

How do you transfer a family-owned or closely-held business to the next generation? Are buy-sell agreements or other plans up-to-date and still effective for the current situation? Do you want to be in business with your partner’s widow’s second husband’s attorney?

If you don't have clear answers to these questions, as well as to those which follow, Benefit Magic can help.

• What are your plans for “gracefully” leaving your business either during your lifetime or when you die?

• What plans have you made regarding your retirement?

• What plans have been put in writing regarding the transfer of ownership, control and management of your business in the future?

• Who will run your business when you are no longer involved? (Who runs it now when you are on vacation or away from the business?)
• If you had died last week, who would be running your business right now?

• What plans have been made to ensure that your spouse has an adequate income in the event of your death?

• To what extent will your children be involved in your business?

• What steps have you taken to make sure that all of your children are treated fairly in terms of dividing your estate?

• Have you made sure that business loans can be repaid, while leaving sufficient working capital in the business?

• Will estate taxes force the sale of valuable growth assets or income-producing assets?
• What do you think the business is worth? Would your absence (death, disability, or retirement) affect this value?