Exit and Business Succession Planning: The Disability Problem

Death of an owner is actually a little easier to plan for than the disability of an owner. Both situations raise very similar questions, for example, (1) who will do the work the owner was doing?, (2) how will the owner, or the owner’s family, survive?, and (3) who will step in to make decisions about running the business.  However, there are a few practical, big differences. 

When an Owner Dies…

When an owner dies, if the business has made basic […]

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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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