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It may surprise you, but one of the most commonly overlooked business matters by owners is succession planning. It is important to be thorough about all aspects of running a business, and having a plan to transition ownership is equally vital. No business succession strategy is the same, so speaking with a financial advisor allows you to map out a plan that addresses your needs, aids successors, and protects employees.
Transitioning ownership of a business affects many people, and business succession planning gives you the power to say how things get done. The transition requires careful handling to make it equitable among all parties and provide for a smooth transfer of control. These are reasons why a succession plan matters:
In case of a partner's unexpected death, buy-sell agreements can be implemented to manage the dispensation of business shares.
A succession strategy requires an experienced advisor to create a plan that works for your business. Chiodini Financial Group LLC wants to help you protect what you've worked hard to build. Contact us for more information about business succession planning.