Business Planning

What is business continuation planning?

Simply, business continuation planning is developing – and then implementing – a plan of succession. Usually called a “buy-sell” agreement, proper business continuation planning answers the question: Who will take over my business should I die prematurely, become disabled, or simply decide to retire.

If you’re a business owner and you don’t have a buy-sell agreement, you may not have planned sufficiently for the future.

Depending upon how your business is owned, a buy-sell agreement can be established between:

  • You and your parents.
  • Your business and its owners.
  • You and other family members.
  • You and key employee or employees.

A properly structured buy-sell agreement will:

  • Pre-determine who will receive your business.
  • Set the purchase price and terms of payment.
  • Establish the value of your business for federal tax purposes.
  • Specify how the transfer will be funder.
  • Provide the cash needed to pay federal and state death taxes, debts, and other estate settlement costs.

Other Planning Options

Here are a couple other business planning options:

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