Business Succession & Wealth Planning
One of the biggest threats to a family business is not recession or competition. It is the failure to have a documented succession plan in place. Your business reflects a lifetime of hard work, and business succession planning ensures your legacy continues long past a sale, retirement of a key individual, death or disability.
By determining your desired strategic direction, Cadence Asset Management and Trust can assist with funding options or establish business disruption insurance, key person insurance or life insurance to fund a buy-sell agreement. It’s about analyzing your situation and putting in place the protection your business and family deserve.
What to consider while creating a business transition plan:
- Are there children who are currently active in the business operations?
- Are there key employees who play a vital role and must be retained?
- Will the business be sold or remain in the family through the estate plan?
- Should a buy-sell agreement be in place to carry out the plan?
With so many things to contemplate, this further highlights the need to have a succession plan in place, ready for action when needed.