| Business Planning -->Business Succession Planning
While the need to plan
for business succession at retirement is obvious, statistics also
tell us that death will take one in seven 40 year old sole
proprietors before they reach age 65. If you add a
business partner the chance that one will die goes up to 26%.
A third partner increases the odds to 36%.
What will happen to the
business after the owner, partner or shareholder dies or retires?
Don’t assume that just because a business is incorporated that a
will, in itself, will take care of everything.
There are just 3
outcomes for disposition of business assets:
- Keep
it – Keep the business in the family
- Sell
it – Sell the business (often to other owners)
- Liquidate
it – Sell the assets after shutting down the business
To maximize the value of your business assets, proper planning is essential for corporations, sole proprietors, and partnerships.
This is an area where it never pays to procrastinate. A well thought out plan can help set up a smooth and favorable
transition for the mutual benefit of
your family, partners and employees.
Life insurance
sometimes used by corporations to buy back stock from a deceased
shareholder in conformance of Section 303 of the Internal Revenue
Code. Properly
structured, this could provide deceased’s heirs with cash on a
tax free basis in exchange for the stock.
We have cost effective
solutions to help make sure things happen as you wish and that
guaranteed funding is provided to ensure an equitable transfer and
to secure your family's future, as well as your businesses.
Contact
Us today for more information
on cost effective business succession planning and funding.
Gain Financial Services, Inc.
3200 Cherry Creek South Drive
Suite 700
Denver, CO 80209
Printable
Map and Directions to Office
Call us today at (303) 456-7967 or toll-free at (800) 416-4481
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