If you are a small business owner, you have likely invested a considerable amount of your time and money getting your business off the ground and operating smoothly. If your business is now turning a profit, and your family depends on that income to bill the bills and maintain the lifestyle to which you are all accustomed, it is crucial to protect that income. You have probably purchased business insurance to protect your business from a variety of threats, such as theft or a natural disaster; … [Read more...] about Is Your Small Business Protected?
If you own a family business, you likely invested a considerable amount of blood, sweat, and tears getting your business off the ground. If your investment in the business is now paying off in the form of financial success, it is imperative that you include your business in your estate plan to ensure that the investment you made is not lost. Incorporating a business succession planning component into your comprehensive estate plan goes a long way toward protecting the investment you have made in … [Read more...] about What Is Family and Business Succession Planning?
What Is a Buy-Sell Agreement from Raymond German The proceeds would be used to purchase the share in the business that was owned by the deceased partner from his or her family. The surviving partners could then go forward running the business as usual. At the same time, the family members could go forward with liquidity that could be distributed among multiple different inheritors. Learn more about Buy-Sell Agreement in this presentation. … [Read more...] about What Is a Buy-Sell Agreement