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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Universal life insurance
Universal life insurance is a kind of permanent life insurance coverage that provides flexible protection and cash accumulation that you can adjust as your needs change.