Exit and Business Succession Planning: The Death of an Owner

Estate Planning
Unplanned Inheritance

When an owner dies, without specific planning, their business interest becomes a part of their estate. Without a will or directive, the assets in the estate will be transferred in probate according to state law. This transfer could also result in tax consequences depending on the value of the estate.  As far as exit planning goes, this may work adequately for a family run business where the spouse or a single heir is sufficiently involved in the business, […]

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Business Exit Planning for Small Business

Everyone will exit their business at one point or another.  Whether you shut the business down, sell your interests, or pass away, someday, you will no longer be in your business.  The same goes for your business partners.  One day, they will no longer be in the business. 

Some basic questions will help frame the issues:

If your business partner dies, do you want to be partners with their spouse or heirs?
If you die, will your own spouse or heirs want, […]

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