Succession Planning & Wealth Transfer

Prepare for the transition of ownership of your business.

Someday, the business you’ve worked hard for could become your legacy. But leaving important decisions until a time of transition could create unnecessary stress and financial strain—far from ideal conditions for coming to a favorable arrangement.

Solidifying an exit or succession plan and wealth transfer strategy helps ensures that your business and your estate will transition as smoothly as possible when the time comes.

Talk to your advisor to help you get started.

Create an exit or succession strategy.

Principal® offers several options for helping you plan the sale or transfer of your business, focusing on maintaining its full value for the benefit of everyone involved.

A buy-sell agreement is a prearranged contractual agreement between a buyer and a seller, defining triggering events – such as voluntary termination, death or total disability – for a sale and outlining price and other terms. 

  • Agreements can be funded with a variety of insurance solutions, including permanent or term life insurance or Disability Buy-Out insurance.

An Employee Stock Ownership Plan (ESOP) is invested primarily in employer stock, providing liquidity for departing owners to exit the business in a tax-advantaged way.

Succession planning for family businesses helps navigate the particular challenges of transferring business ownership within the family.

Talk to your advisor to help you assess your succession planning needs.  

Design your estate plan.

Estate planning or wealth transfer strategies help ensure your assets are passed on according to your wishes after you die.

Help grow—and protect—your assets with one of our trusts or gifting strategies. They’ll help you: 

  • Minimize your estate tax liability
  • Equally distribute inheritances among your family
  • Allocate your wealth between heirs, third parties, and charities

Explore your personal trust options and then call us at 800-332-4015 to discuss your estate plan. 

Help with preparing for the transition of ownership

Prepare for a Successful Business Transition

One of a business owner’s key responsibilities is creating a strategic transition plan, so the business can keep going after you’ve moved on.