Business Succession Planning

Written By Kevin McKernan

Business Owners: Estate planning—as it often involves the seamless transition of business ownership and management to the next generation or designated successors—is known as succession planning.

We will explore the importance of estate planning for business owners and delve into the key considerations for effective succession planning:

Why Estate Planning Matters for Business Owners

  • Protecting Your Business Assets

  • Minimizing Tax Liability 

  • Ensuring Business Continuity 


Key Components of Succession Planning 

Identify and Train Successors:

  • Establish a Buy-Sell Agreement 

  • Consider Family Dynamics 

  • Evaluate Insurance Needs 

  • Seek Professional Guidance 

Estate planning for business owners is not just about safeguarding your assets; it is about securing the future of your business and ensuring a smooth transition of ownership. It requires careful consideration, preparation, and professional guidance.

This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below:

📧 kevin@kmckernan.com  | 📞 718-317-5007

Kevin McKernan
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