Protect Your Business Through Effective Planning Now
Transfer Business Ownership
Even if the idea of selling your business is something you can't even imagine right now, life has a way of surprising us. At some future point, you may want or need to transfer ownership. Without effective planning, the future success of your business could be put in jeopardy. Western & Southern can help you protect your business so its successful legacy continues.1
As you think about transferring the ownership of your business, here are some key questions to consider:
Will your business continue to thrive in your absence?
Are there family members, other owners or key employees who could continue to successfully run the business without your expertise and guidance?
Will your family be taken care of financially without your business continuing?
As an owner of a closely held business, you have only three choices for the disposition of your business interest:
Sell to co-owners, family members or outside third parties,
Liquidate the business or
Retain the business within the family.
This decision-making process may be a difficult one. You have tremendous investments in your business that are not only financial but also physical and emotional. Any success your business has experienced came as a result of your hard work, perseverance and ability to take risks. That's why your business continuation planning efforts now are so critically important; they will help ensure your business continues operating successfully into the future.
Taking the First Step in Selling Your Business
If you believe that a business transfer is the best course of action in the event that you withdraw or retire from the business, become disabled or die prematurely, then establishing a formal plan for the sale of your business may be one of the most important actions you ever take with respect to your business. The first step is the establishment of a funded buy-sell agreement. A buy-sell agreement:
Guarantees a buyer and avoids conflicts
Establishes a fair price
Sets the terms of the purchase and identifies the events that trigger a buyout
Assures a smooth transfer and continuation of the business
Provides cash to you in the event of a disability, withdrawal or retirement and liquidity to your estate
The future transfer of your small business may involve the need for life insurance, annuities or investments – in which case you’ll want to partner with a company known for its history of financial stability. Western & Southern is a Fortune 500 company with a heritage of more than 130 years of financial strength that can help you build the financial security of your business. A knowledgeable financial representative is available to help you with your small business needs.
1A Business Transfer allows the ownership of a business to be gradually transferred to other individuals. Attorneys and Tax Accountants would be able to assist with this concept. A financial representative could assist if the need for life insurance, annuities or investments would be required. Products issued by The Western and Southern Life Insurance Company and Western-Southern Life Assurance Company and other life insurance member companies of Western & Southern Financial Group can help meet these needs.
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