Running a business is time-consuming and many owners fail to take the steps necessary to protect their hard work in case of disability or death. It takes more than just having disability insurance to benefit yourself, or key man (or woman) insurance, to help the business.
Thorough estate planning for a business owner includes making sure you have the necessary corporate documents such as operating agreements, buy-sell agreements, or limited powers of attorney in place and coordinated with your estate plan. Do you want to leave your business to family members? Do they want to run your business? Will the other owners welcome your family members’ participation? Do your family members have the licenses or professional credentials to run your business?
Planning for your exit from your business improves the chances for a successful succession and preservation of your business’ value.