If you own part of a privately held business and you or one of the other owners retires, sells the business interest, becomes disabled, or dies, the business could be in serious danger and the owners could face personal financial difficulties. A lack of a business continuation plan can lead to ownership disputes, battles for control, lengthy and expensive litigation, an array of tax problems, and even dissolution of the business.
Jones Associates can help you avoid such problems by preparing detailed business continuation plans, funded by life insurance. We start by thoroughly analyzing all potential scenarios for any change in ownership, whether planned or unplanned. Then we develop a proactive strategy for managing every aspect of those changes, with special emphasis on maintaining business continuity and ensuring an orderly and harmonious ownership transition. Throughout this process, our focus is on helping you and your business minimize tax liability and avoid litigation that may be caused by challenges and disagreements among owners and heirs. Here are some of the tools we may employ:
- Business succession planning
- Funding buy/sell agreements
- Business insurance analysis and funding
- Family limited partnerships
- Key person insurance
- Employee stock ownership plan