A business succession plan is a means to protect yourself and your business against death, or major illness or injury to a partner or key person. If you or one of your partners were to die suddenly or be struck by a major illness or injury, the effects on your business could be devastating.
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- The remaining partners would have to find substantial cash to buy the deceased or ill partners share
- You could be looking at expensive litigation and unexpected taxes such as capital gain tax
- Ultimately, you could loose your business
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It’s not only the partners who are important for the profitability of your business, but the key people who work in it. Business Succession Planning and Key Person insurance helps prepare for the inevitable.
