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Why Every Business Owner Needs An Exit Plan! Business owners work hard to build their businesses and care for their families. While business owners and their families come from varying backgrounds, vocations, and personalities, they have much in common. They have a need to bring order to their affairs. They are enthusiastic about helping loved ones and causes they care about, and many have the resources to do so in meaningful ways. They desire to expand their horizons beyond present boundaries. They enjoy the company of people who understand them, and who appreciate their goals, values, and passion for life’s important matters. Yet, in spite of all the hard work and care of business owners, only 30% of family-owned businesses survive to the next generation; only 10% make it to the third generation; and only 3% are functioning into the 4th generation and beyond. Why? Most business owners simply do not plan an exit. They do not do proper estate planning. They are so caught in the routines of their lives that they often forget to look at the big picture and plan for the contingencies of disability, retirement and death. Or, the business owners have plans that are out of date and ineffective due to changes in circumstances and changes in the laws. Lack of planning resulting in the lack of smooth business transition and unnecessary tax burdens drain the life out of their businesses. Estate planning, which includes business exit planning, allows you to determine what happens to you, your loved ones, and your assets while you are alive and well, in the event of disability, and after death while saving unnecessary taxes, expenses, and stress. Effective planning allows you to give what you have, to whom you want, the way you want, and when you want. Estate planning and business exit planning go hand in hand. Let us take this concept further: You can combine your business, financial, tax, legal, and philanthropic matters into a unified Wealth Strategies plan that can: 1.
Maintain control over your person & affairs. You can have a plan where
you obtain and keep control in your hands. You do not want to be
unnecessarily dependent upon others and you want to able to make commons
sense adjustments as circumstances change without needless red tape or
seeking the approval of others. |
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