A business succession plan can help with the orderly transition of ownership and management of a business in the event of the retirement, death or disability of one of the partners. Without proper planning, these situations can lead to an interruption or forced sale of the business.
Business succession planning can ensure that the remaining partners have the funds necessary to buy the individual’s business interest, or that a potential buyer with the proper expertise is lined up ahead of time.
The plan can set the price of each individual’s interest in the business. It can ensure that the money will be available to transfer ownership of this interest and to potentially provide the deceased partner’s family with the funds they need.
Nationwide can help you ensure the continuity of your business. We offer these two popular plans to help with business succession: