You've Built the Business. What Happens When It's Time to Pass It On?
Plan the Transition. Protect What You've Built.
Whether your transition is planned or unexpected, having a strategy can help determine who takes control, what your business is worth, how a transfer is funded, and what happens to the people who depend on you.
A succession strategy can help protect your business, your family, and the people who depend on you — whatever the timeline looks like.
Every Business Owner Should Be Able to Answer Three Questions.
Who?
Who Gets the Business?
A family member? Co-owner? Key employee? Outside buyer?
Your plan should identify who will own or control the business when you're no longer running it.
How Much?
What Is the Business Worth?
A succession strategy can't be properly structured if nobody knows what the business is worth.
How?
Where Will the Money Come From?
Knowing who will buy the business isn't enough. There needs to be a strategy for funding the transfer when the time comes.
Who. How Much. How It's Funded.
Those three questions form the foundation of a meaningful succession strategy.
Not Every Business Transition Happens on Schedule.
Planned
- Retirement
- Sale of the Business
- Transfer to Family
- Partner Buyout
- Employee or Management Succession
Unplanned
- Death
- Disability or Incapacity
- Unexpected Departure
- Other Ownership Changes
A Strong Succession Strategy Prepares for Both.
What's Your Business Worth?
Your business may be one of your largest financial assets. Its value can affect your Buy-Sell Agreement, succession strategy, insurance funding, estate planning, and ultimately what you or your family receive.
Five Generally Accepted Valuation Methods
Don't Know What Your Business Is Worth?
Start With a Complimentary Business Valuation
Knowing the current value of your business can provide an important starting point for succession planning, Buy-Sell planning, and determining potential insurance funding needs.
Already Have a Buy-Sell Agreement?
Make Sure Your Plan Still Reflects Your Business Today
Businesses change. Ownership changes. Values change. An existing Buy-Sell Agreement and its insurance funding may no longer reflect the business you have today.
Our complimentary Buy-Sell Review can help identify areas that may need further review with your legal, tax, or financial professionals.
Know the Value. Review the Agreement. Make Sure the Funding Still Fits.
Complimentary services · No obligation to purchase insurance.
A Plan Can Say Who Buys the Business. But Where Will the Money Come From?
A succession plan may identify the buyer and the value of the business, but the transfer still needs a funding strategy.
Cash & Sinking Fund
Funds are accumulated over time to help pay for a future ownership transfer.
Loan
Borrowing may provide the necessary capital, subject to financing availability and terms when the transfer occurs.
Installment Sale
The purchase price may be paid to the departing owner or estate over time.
Life & Disability Insurance
Insurance can provide funding when a covered death or disability creates the need for an ownership transition.
The Agreement Creates the Obligation.
The Funding Strategy Helps Provide the Money.
Your Business and Your Estate Plan Should Work Together.
For many owners, the business represents a significant part of their wealth. What happens to the business can directly affect their family, estate, income, and legacy.
Business
Who controls and continues the company?
Family
What will your family or heirs receive?
Liquidity
Where will money come from when it's needed?
Legacy
How does the business fit into what you ultimately want to leave behind?
We don't replace your attorney, CPA, or estate-planning professionals. We help address the insurance and funding strategies and work alongside your professional team.
Your Succession Strategy May Involve More Than One Solution.
A successful transition can involve several pieces working together. Explore the areas that may be relevant to your business.
Business Valuation →
Understand what your business may be worth and establish a starting point for planning.
Buy-Sell & Life Insurance Funding →
Structure and fund an ownership transfer so money can be available when a covered death triggers the agreement.
Key Person Protection →
Help protect the business from the financial impact of losing an owner or other critical person.
Income & Disability Protection →
Help protect against the financial impact of an owner being unable to work because of illness or injury.
Where Are You in the Process?
I Already Have a Plan
I Have a Succession or Buy-Sell Plan
Already have a Buy-Sell Agreement, business valuation, insurance funding, or succession strategy in place?
We can help evaluate the insurance and funding components, identify areas that may need attention, and work alongside your attorney, CPA, or other professional advisors.
No obligation · We work with your existing professional team
I'm Just Getting Started
I Need to Start Planning
Not sure what your business is worth, who should eventually own it, or how a future ownership transfer could be funded?
We can help you start with the business valuation, Buy-Sell, and insurance funding pieces and coordinate with your professional advisors as needed.
No obligation · Start with a conversation
Estate & Business Succession Planning FAQs
What is business succession planning?
Business succession planning prepares for how ownership and control of a business may transfer when an owner retires, sells the business, dies, becomes disabled, or otherwise leaves the company. It can involve business valuation, Buy-Sell planning, funding strategies, insurance, and coordination with legal and tax professionals.
When should I start planning for business succession?
Ideally, before you expect to need it. Succession planning can take time, and circumstances can change unexpectedly. Starting earlier gives owners more time to determine who should eventually own the business, understand its value, and evaluate how a future transfer could be funded.
What's the difference between estate planning and business succession planning?
Estate planning addresses how your assets and financial affairs are handled during incapacity and after death. Business succession planning focuses specifically on the future ownership, control, and continuity of the business. For business owners, the two strategies often need to work together.
Do I need to know what my business is worth?
Knowing the current value of the business can be an important starting point. The value may affect a Buy-Sell Agreement, insurance funding, succession decisions, and estate planning.
Request My Complimentary Business Valuation →I already have a Buy-Sell Agreement. Do I still need to review it?
Possibly. Businesses, ownership percentages, company values, and insurance coverage can change over time. An agreement created years ago may no longer reflect the business as it exists today.
Request My Complimentary Buy-Sell Review →How can a business succession plan be funded?
Depending on the situation, funding may come from cash or accumulated funds, borrowing, an installment sale, life insurance, disability insurance, or a combination of strategies. The appropriate approach depends on the owners, business, agreement, and circumstances surrounding the transfer.
How is life insurance used in business succession planning?
Life insurance can create liquidity following a covered owner's death. Depending on how the Buy-Sell arrangement is structured, policy proceeds may help provide funds to purchase the deceased owner's business interest rather than requiring the surviving owners or business to produce all of the money from existing cash or borrowing.
What happens if an owner becomes disabled instead of dying?
A long-term disability can create a different succession problem. An owner may still own part of the company while being unable to perform their previous role. Proper planning can address how disability affects ownership and whether insurance or other funding may be available to help facilitate a transfer.
Can I leave my business to my children or other family members?
Potentially, yes. But deciding who should own the business, who should manage it, what other heirs receive, and how the transfer is structured can involve significant legal, tax, financial, and family considerations. An attorney, CPA, and other appropriate professional advisors should be involved in designing the strategy.
Do you create Buy-Sell Agreements, wills, trusts, or other legal documents?
No. We are not acting as your attorney or tax advisor. We help with the business valuation, insurance, and funding components available through our services and can work alongside your attorney, CPA, and other professional advisors as they address the legal and tax aspects of your plan.
Not Sure Where to Start?
Every business and ownership situation is different. We can help you explore the insurance and funding options that may fit your succession strategy and work alongside your existing professional advisors.
Explore My Succession Planning Options