Most of us equate business succession planning with working out the financial details following the death of the owner. In fact, through the use of various life-insurance techniques, I’m continually showing business-owner clients ways to do just that – to prepare for making a smooth and cost-effective transfer of their business to the next generation. If I learned anything the time I joined my father’s business at age 22 and then purchasing it from him at 28 in 1997, it is that succession planning doesn’t end with an estate plan and life-insurance policies. Protecting the financial aspects of any business is just the beginning; real succession planning involves developing a strategy for transferring the trust, respect, and the goodwill built by one generation to the next.
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