Business Succession Planning

Ask Multop Financial a question.
Phil Multop and Michael Lameroux
Phil Multop
Do you know what would happen to your company if you were unable manage? Would your family members, co-owners, managers and/or employees have the guidelines and tools they need to help the business survive and thrive?

One of the concerns is there may be no successor to drive it once the leader or key person leaves – either by choice or by circumstances.  Business succession planning works to provide adequate funding when ownership of a business is transferred, and works to accomplish this with minimal difficulty.

Some key planning tools of Business Succession Planning include: life insurance, individual disability insurance and disability overhead expense insurance.

These products provide a fair share of the company's worth to all involved with minimal conflicts to keep your business running smoothly.

Your key employees, partners or even a knowledgeable competitor can be beneficiaries, assuring they will have the funds to purchase the business entity from the remaining interested parties and continue the business when you either retire, die, or become disabled.

Keep in mind that financial planning for your business will have a direct affect on your estate. We will give careful consideration to the estate and gift taxes associated with transferring your business interest to family members. We will work to define these pitfalls and minimize possible road blocks.

Don't fall into the trap that jeopardizes too many family-owned businesses—the failure to properly prepare for a transition in ownership or a lack of adequate funding to complete your financial goals.

Give us a call today and our team of advisors will work with you to develop a successful succession plan!
(877) 671-7890

Certified Financial Planning