Ready To Sell Your Biz? Life Insurance Can Make It Easier For Everyone
Pete is a friend of mine who is, in a word, paranoid. He’s always willing to share things that you should be concerned about.
In the past, I’ve learned that you can be electrocuted while talking on the telephone during a thunderstorm, 200,000 serious injuries happen in the bathroom each year, and excessive blinking could be an early sign of blepharospasm – a rare muscle disorder that can cause eyelids to shut permanently.
Now, Pete is a business owner. I’ve told him that if he should worry about anything, it’s not his eyelids, but his business succession planning, about which he’s done little.
The survey
A 2005 survey by the Canadian Federation of Independent Businesses revealed that two-thirds of owners of small and medium-sized enterprises plan to exit their businesses over the next 10 years. Sadly, only about 10 per cent of business owners have any type of succession plan in place.Two of the biggest challenges business owners face when thinking about their succession planning are income taxes (How can the tax burden on the transfer of the business be reduced?) and financing (How will the successor find the money to make the purchase, particularly a concern if the buyer is a family member or employee of the business?).
The fact is, many business owners may be getting ready to retire, but they may not pocket the full value of the business if they’re not prepared.
The options… read on.
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