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.

How will I find the right plan?

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:

  • Executive Bonus Plan
  • Nonqualified Deferred Compensation

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Greg Harvey
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Kyle Bennett made my whole experience easy to understand and he literally walked me through the process to find the best plan for my family. Thanks again Kyle!
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Jeff Munn
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Kyle handles our medical insurance extremely well. It’s great for us because we don't worry about it being taken care of, it’s just done for us. Kyle also gives us options and keeps us updated with changes and cost increases. Highly recommend!
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Sam Leesch
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Kyle at Eagle Cap Insurance is more like a friend to me than just my insurance agent. He genuinely cares about my well being and is not just trying to sell me insurance. He was great at helping me navigate the transition from my work provided plan to Medicare at a time when I was having major health issues. He proactively calls me every year to check in and go over my options during open enrollment, insuring I have the best, least expensive coverage for my specific needs. He truly is a pleasure to work with and I greatly appreciate everything he has done for me.
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Laurie Blood
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Kyle Bennett at Eagle Cap Insurance is so awesome. He is always so on top of my insurance needs and compliance and he is so kind, patient and helpful. I am really lucky to have him as my insurance agent.
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John Carpenter
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Kyle and his staff are extremely knowledgeable and helpful. I appreciate all they have done to make sure I am aware of the best insurance values for me.
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Troy Terry
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Kyle Bennett is our agent and he is great to work with. We explain our situation, Kyle gives us a few different choices plus makes suggestions for us to consider. Then he takes care of the on-line paperwork. Just push the easy button! Use Kyle at Eagle Cap Insurance.
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Bruce Nyborg
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My agent is always ready to help in anyway and has taken of my insurance needs. He is very knowledgeable and understands what is needed for my security and protection.
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kate jones
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Eagle cap insurance is awesome to work with. Kyle is very thorough in going thru my options for health insurance every year. I feel very confident in choosing as I know what each one offers. Thank you so much for always staying in touch and helping me each year to decide.
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Ralph Perez
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Kyle at Eagle Cap is very conscientious, and careful with all the details. He provides excellent service and lets us choose the best options for our own individual circumstances. Friendly and welcoming is my sentiment.
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Kyle Bennett has been helping us with insurance for a long time now. He is pleasant to work with and has my best interest in mind. The office is always very friendly and helpful!
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