How Life Insurance and Business Succession Go Hand in Hand
Life insurance plays a significant part in an individual’s future and financial plan. Personal life insurance planning protects a family from the unknowns in life. Along with personal planning, insurance can be critical in business succession to ensure a business’ financial security and longevity. As a business owner, you not only have to worry about your family, but you have to take into consideration of other individuals that depend on you including business partners and employees. As business owners spend a majority of their careers building the success of their business, the future needs to be considered. Maintaining the future and maximizing the value of the business should be a priority to the business owner.
There are many individuals that play a part in helping a business initiate a business succession plan, including insurance advisors, accountants, attorneys and other financial advisors of the business. These individuals should all be linked together to ensure an effective plan is implemented. This whitepaper will go through how business succession and life insurance go hand in hand.