by anthonycaliendo
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What Is In A Business Succession Plan?

• Choose A Successor: Who has the skills and information to run the business in the short term and protect your assets, heirs and investment?

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• Get A Valuation: Have your business appraised or get a business valuation to determine how much the business is worth. If one partner dies, the other partner(s) can buy their share of the business at the agreed value. 

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• Buy Life Insurance: Each partner in the business should be insured to cover their share of the business' value for a potential buy-out. 

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• Tax Implications: An estate planning or business inheritance attorney can help you create a succession plan that is legally binding in your state, and make sure that all contingencies are covered.

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• Identify Buyers or Heirs: Some businesses can be sold to partners or have a family member succeed a deceased CEO. Other business must be sold after the owner dies, and a business succession plan should identify potential buyers. 

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