Your business is an extension of who you are and represents everything that you have worked for. You have nurtured your business into something that you are proud of and now you can choose how your legacy will live on. Whether it’s passing it along to your business partner, a most-trusted employee or to the next generation in your family, the choice is yours and there are strategies to help you.
Strategies you can use:
We’ve learned that one of the most rewarding parts of owning a business, besides the financial rewards, is the positive impact it can have on others around you, especially your employees. We have also learned that, first and foremost, implementing strategies that facilitate the continuation and the vitality of your business is most important, followed by programs and plans that facilitate financial security and a more comfortable retirement.
Common strategies for business continuation/transition
- Writing a business succession plan and business valuation services
- Formally funding a buyout plan/existing buy-sell arrangements
Common strategies for business owner retirement
- Cash value life insurance with living benefits
- Funding an annuity
- Long-term care protection
- Navigating social security benefits
- Deferred compensation arrangements for the business owner
Planning with these strategies ensures that you, your business and your employees have financial security for the future and continue to keep your legacy alive and strong while providing protection for their families and loved ones.
Find a local Regional Vice President (RVP) in your area to learn more
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