Prepare for a Successful Business Transition

When you’ve worked hard to build your business, it can be hard to imagine it could go on without you. But one of a business owner’s key responsibilities is putting a strategic transition plan into place so the business can keep moving forward after you’ve moved on.

An effective buy-sell agreement is at the root of a successful business transition plan, and best practices suggest that it should include triggers, such as: death, disability, and retirement.

If you’re like most business owners, you may have designed a buy-sell agreement that accounts for transitioning your business at death. But you may think that a disability is unlikely, and you’d probably say your business is your retirement.

In reality, a transition during your lifetime is equally important to plan for, both to ensure financial wellbeing—your business’ and your own—and facilitate a smooth transition into retirement.

Want to learn more?

Talk to your advisor to how to fund a a buy-sell agreement with life and disability insurance. With a few key components, you can ensure a smooth transition for your business — no matter when it might occur.

Disability insurance has limitations and exclusions.