Protect the business you have worked hard to build.
Have you considered what needs to be done with your business when you are doing your estate planning? If you own a business, it is important to have a management succession plan and also have a buy/sell agreement for your business interests.
You worked years to build your business; sometimes you are so busy working in the business that you may forget to work on the business. Having a succession plan will make sure your strategy for your business can remain intact if something were to happen to you. You want to protect your asset (your business) and have a plan if there is a divorce, change in partners, death, acquisition or sale.
A buy-sell agreement is a legally binding agreement between co-owners of a business governing the situation if a co-owner dies or chooses to or is otherwise forced to leave the business.
This agreement should generally be funded by life insurance. There are many different types of life insurance you could put in place. Term insurance is generally the least expensive and most widely used option. A Financial Advisor can help you manage your investments personally and your 401(k) for your business, but they should also help you with your succession planning. An independent Financial Advisor can help get you quotes from various insurance companies and retirement providers and can help you make the best decision possible.