A business succession plan helps you transfer ownership and management of your business in the event of your death, retirement or disability.

Ensure the continuation of your business

Plan ahead and avoid a business interruption or forced sale. A solid business succession plan may:

  • Ensure the remaining partners have the necessary funds to buy your interest in the business
  • Ensure a potential buyer is lined up ahead of time
  • Provide a deceased partner’s family with the funds they might need

The plan can set the price of each owner’s interest in the business and ensure that money will be available to transfer ownership of this interest and potentially provide a decease owner’s family with necessary funds.

Types of business succession plans

Buy/sell agreements

Buy/sell agreements are a succession planning tool that keeps a company running “business as usual” in the event of an owner’s death, disability or retirement.

Buy/sell plans

Key person insurance

Help cover financial losses in the event of a key business contributor’s death.

Key person insurance