A business succession plan helps you transfer ownership and management of your business in the event of your death, retirement or disability.
Ensure the continuation of your business
Plan ahead and avoid a business interruption or forced sale. A solid business succession plan may:
- Ensure the remaining partners have the necessary funds to buy your interest in the business
- Ensure a potential buyer is lined up ahead of time
- Provide a deceased partner’s family with the funds they might need
The plan can set the price of each owner’s interest in the business and ensure that money will be available to transfer ownership of this interest and potentially provide a decease owner’s family with necessary funds.
Types of business succession plans