Your business reflects everything you stand for: your work ethic, abilities, knowledge and character. Customers respect your knowledge and ability and trust you to treat them fairly. Key employees stay because they have confidence in your ability to grow your business. Your family and your employees’ families feel secure with you at the helm.
That’s why business continuation planning is essential. You need to prepare in advance for the sale or transfer of your business interests in the event of premature death, disability, retirement, divorce or bankruptcy.
Buy-sell planning can help. The primary purpose of buy-sell planning is to determine:
- Who will purchase your share of the business.
- The price and terms of payment for that share.
- The value of the business for federal tax purposes.
- How the transfer of your business interests will be funded.
- In the case of death, how to carry out the transfer while ensuring that taxes, debts and other settlement costs don’t put the business (or your family’s financial stability) in jeopardy.
Without this important planning, everything you’ve worked so hard to build – including your family’s future financial security – could be at risk.
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Additional products and services
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Term life insurance
Term life insurance provides low-cost protection and peace of mind for a certain period of time. While permanent protection is an important part of an overall life insurance plan, term insurance can protect you by helping to cover temporary needs, such as helping to pay off your mortgage or other debt. This can be an affordable way to help make sure your dreams and goals are protected.Learn more