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What will happen to your business when you retire, die, or become incapacitated? Without a succession plan, the business you’ve worked hard to build may struggle or, worse, unravel completely.
Avoid the worst-case scenario by developing a robust succession plan for your business. Follow our guide to develop emergency plans, name successors, clarify how assets should be distributed, and more to take care of your business—and your heirs—in any scenario.
If you have a partnership arrangement, you might consider establishing buy-sell agreements to ensure your share in the business passes to your partners (and that you partner’s share passes to you) rather than allowing it to be bought by a third party or inherited after one of you dies. This is important for ensuring that your business survives and endures according to your wishes far into the future.
When you die, the assets you own and pass along to your heirs may be subject to hefty federal and state estate taxes. How hefty? In 2020, federal taxes alone were as high as 40% for taxable amounts greater than $1 million.
There are strategies you can employ to reduce your estate tax obligation—or eliminate them altogether. Read our guide to learn more.
Are you a co-owner or a partner in a small business? If so, you might consider buy-sell agreements or a …
As a business owner, you know how important it is to have a plan in place for your business. You …
As your business grows, it’s likely you’ll start thinking to the future—to the sale of your business and to the …
Owners who are the lifeline of their companies often have all the knowledge and connections their businesses need to thrive. …
Taxes are an important factor in the sale of any small business. Here’s why: Proceeds owners receive from the sale …
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Owner Actions, Inc. helps people buy, scale, and sell their businesses by offering pro help, tools, and step-by-step resources.
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