Succession Planning

There are many reasons why organizations need to be thinking about succession planning

Most small and medium sized business are not adequately prepared for their business succession: only 10% of owners have a formal, written succession plan; 38% have an informal, unwritten plan; and the remaining 52% do not have any succession plan at all.

So what is succession planning and where do I start? Succession planning is the process whereby an organization or business plans for the eventual transfer of it’s current ownership and assets. This also entails planning for the unexpected, ie. death of or disability of one of the owners.

Here are a few questions a business owner may want to consider in putting together a succession plan:

Setting up a simple plan now can save lots of valuable time and money for those left to manage a continuing business. Through the use of such tools as buy-sell agreements, key-man policies, and cross purchase agreements, we can help answer the questions above and start to put a plan in place.

Whether you reside here in Scottsdale, Arizona or anywhere else in the country, our agents are ready to assist you. Please give us a call today at Bennett and Porter or fill out our free auto insurance quote form. Either way, one of our professionals will be happy to answer your questions.