business owner selling a product
Continuing the Success of Your Business Demands Diligent Preparation

A well-established plan for the transfer of your business can help give you peace of mind and confidence in the next generation of the life of your business.

Business Transfer: Protect Your Business Through Effective Planning Now

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.

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.

owner reviews a business continuation plan

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
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