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BUSINESS SUCCESSION PLANNING

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How to Build a Successful “Empire”

Typically, businesses of all kinds suffer significant financial hardship when one of the owners is no longer able to participate in daily operations due to sickness, injury or death. Tragically, without a concrete plan in place to keep the business running profitably, the business itself may become a casualty. This is especially true when there are only two owners and the full workload falls entirely on the already emotionally and financially challenged healthy or surviving partner. This “health disaster” can be avoided with a Health Disaster Relief Program (HDRP) from Numekevor & Associates and your business and its beneficiaries can be protected.

ARE YOU PREPARED? …

1. If your partner dies do you want to be forced to liquidate the business?  Yes  No
2. If your business survives, would you want someone other than you take over your partner’s share?  Yes  No
3. Are you “OK” with doing all of your departed partner’s work but still giving the surviving family the usual share of the profits?  Yes  No
4. If your partner dies or becomes disabled, do you want someone else to decide whether or not you need a new partner?  Yes  No
5. If you do need a new partner, do you want someone else to select one?  Yes  No
6. Would you let your partner’s widow(er), executor or lawyer select your next partner?  Yes  No
7. Does this sound like a deal? … “From now on you’ll cover all losses but share all profits with your partner?”  Yes  No
8. If you were selling your share of the business to your partner, would you prefer the price to be set by the family and their lawyer?  Yes  No
9. Would it make any more sense if the price were set by your partner’s widow(er) and their lawyer?  Yes  No
10. Are you and your partner’s spouses and their lawyers better judges of the value of your business than you and your partner?  Yes  No

The more you answered “No” to these questions, the more you need to have a “funded shareholders agreement” and the more you will benefit from a meeting with a Health Disaster Relief Specialist at Numekevor & Associates. We will make sure you are prepared and stay in control. Click here to learn more about the benefits of a Health Disaster Relief Program (HDRP) for your Business.