Business Succession & Protection

Business succession planning and protection is important for all business owners and their families. It impacts the family run business or partnership the hardest when one or more key individuals becomes disabled, retires, or dies. In fact, only 30% of family-owned businesses survive to the second generation. That number drops significantly to 12% for the third generation.*

Advance planning helps you to manage what will happen to your business when you retire or have unexpected health challenges. Conflict among family members and business partners can be reduced or eliminated at a critical time for the business – during a transition. With proper funding, the business can have assets to replace key individuals, have operating capital to purchase inventory and fund payroll. Customers and clients will have confidence that the business will continue during and after the transition.

Our team assists in the design of buy-sell agreements and provides the financial products to fund the plan, which helps ensure a seamless transition of your business to successors – whether through a planned event such as retirement, or the occurrence of an unexpected event such as death, divorce, long-term care or disability. The buy-sell agreement is a legal document prepared by your attorney. Our team will work closely with your legal team as well as your accountant and business appraiser to develop the right plan for you.

Business succession planning and protection have a number of names and forms. The Kish Financial Solutions team is knowledgeable and ready to assist you with:

• Buy-Sell Life Insurance Funding
• Buy-Sell Disability Insurance Funding
• Key Person Life or Disability Insurance
• Business Overhead Protection

*Joseph Astrachan, Ph.D., editor, Family Business Review. 7/7/2008
www.business.uconn.edu.familybusiness/about-family-firms.asp