Business Succession Planning
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Owner Succession Buy/Sell
The dynamic leaders who build or grow privately held or family-owned businesses have a vision, a passion, and a lot on their plate. Daily demands can get in the way of developing an owner succession plan. FinSec Life can shoulder this responsibility for you, developing a plan tailored for your organization’s needs.
A well-crafted owner succession plan creates a framework around a career, freeing owners to pour their energy into the present. A buy-sell agreement is an important component of an owner succession plan for any business with more than one owner. An owner’s death, disability, retirement, career change, bankruptcy, or divorce are examples of the type of events that can damage or destroy a business when no buy/sell agreement is in place.
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An Owner Succession Plan does more than provide continuity and potential liquidity and tax advantages, even though these are critically significant outcomes. With an exit strategy in place, business owners can move forward confidently, knowing they are in control as their life story unfolds. Customizable to serve the owner’s objectives, a succession plan can, for example, be structured to skip estate taxes for a generation.
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A Buy-Sell Agreement protects ownership rights. Buy-sell agreements stabilize a business for employees and clients and protect the rights of co-owners, shareholders, and heirs, creating potential tax savings and guaranteeing a buyer for the asset.
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Estate Liquidity
Estate liquidity planning equips your heirs to manage your estate and their inheritance strategically.
Life insurance, as a component of estate liquidity planning, can help ensure that your family is never compromised by cash flow in the process of estate settlement. It can also be a source of capital to help your business fund the transitionary period following the loss of a key executive or provide the funds to buy a deceased partner’s business interests as part of a buy-sell agreement.
With many ways to structure your estate liquidity plan and ongoing developments involving your assets or those of your company, as well as periodic regulatory changes, you’ll want to evaluate your plan with guidance from a knowledgeable professional.
Family Businesses
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Family businesses like yours are a foundational component of American values. Built on hard work, independence, entrepreneurial spirit, and exemplary integrity, your family business deserves the level of focused, one-on-one attention you’ll receive from the team at FinSec Life.
We understand that it is impossible to separate family from business in what you do, nor should you try.
Family has made your business strong. And achieving the success you’ve attained has required boldness, commitment, and sacrifice by you and others in your family.
At FinSec Life, your agenda is our agenda. We strive to optimize your financial wellness and help you achieve your goals.
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Integrating your financial, insurance, business, and wealth transfer needs from a family-first, multidisciplinary perspective.
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Positioning your business to maximize the core strengths inherent in a family enterprise.
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Preserving your traditions, building your legacy, and helping you grow your family business for today
and many tomorrows to come.
