Four Ways to Fund your Business Succession Plan
An important part to a business succession plan is considering how to fund your succession plan. After all, the most intricate and thoroughly considered succession plan will fail if it lacks the funds necessary it execute the plan. The method of planning will depend on a multitude of factors but ideally a business owner will pick a funding mechanism that will take advantage of current business strengths in order to (a) compensate for expected weaknesses that arise during the transfer and/or (b) utilize current provisions under the law (e.g. tax code) to create an advantage for the business.
Business owners use a variety of funding technics to navigate these issues, such as:
Each funding method has strengths and weaknesses. No funding mechanism is correct for every business or every succession plan. Accordingly, it is important to identify your goals and discuss them with your planning professional.
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