The Covid-19 pandemic has created a new sense of urgency in the local business community to implement or update their business succession plans. A comprehensive business succession plan will increase the chances that a business will survive the retirement, disability, or death of its owner. A good plan will combine estate planning strategies with business planning strategies.
One initial step a business owner should take is to make sure the business will avoid the delays, cost, and entanglements of the probate process in the event of the unexpected death of an owner. The following are some initial steps to consider:
Multi-owner businesses should implement a so-called “buy-sell agreement”. In many instances a buy-sell agreement will be funded with life insurance, if necessary. A few of the key questions to address in a comprehensive business succession plan are:
Should you know a business owner who needs assistance with answering these questions and developing a comprehensive plan to implement a buy-sell agreement, estate planning and business succession planning, please have them contact the business attorneys at Welts, White and Fontaine, P.C., and ask for Attorney John S. Polgrean (603) 883-0797 or [email protected]
Author: John Polgrean
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