Don’t Leave “Success” Out of Succession
One in five family business participants has not addressed any estate conservation issues beyond writing a will. Business continuation is difficult enough under normal circumstances, but if it has to take place following the unexpected death of a key person or owner, the complications can increase exponentially. Company-owned life insurance is one way to help protect a business from financial problems caused by the unexpected death of a key employee, partner, or co-owner. If the covered individual dies, the proceeds from this type of insurance can help in several ways. Here are some examples. Fund a Buy-Sell Agreement A buy-sell…