 |
 |
 |
 |
Think of it as passing the baton. As a business owner, you are the lifeblood of your organization, the driving force behind its success. So, have you considered what will happen to your business when you are ready to retire? Do you have children or other family members ready to continue the family business? Or is there another successor in line who will be able to pick up the reins? Most of all, if you died prematurely or became disabled, will the business you worked so hard to build be able to continue...and will your family be financially provided for? Tough questions, yes, but ones you need to ask.
One reason is that — because of estate taxes and lack of cash — 70% of all family businesses in this country do not survive through the next generation, while 87% fail by the third generation,1 primarily due to estate taxes and lack of cash. 2Many of those that make the transition do so because the owner took the time to map out a business continuation plan.
Take the time now and read our articles on Business Continuation Planning for more information on how the insurance and financial products New York Life offers can help you support your plan.
1 Source: National Center for Policy Analysis, 1996. Web site: www.public-policy.org
2 Source: "Inheritance Tax Imperils Family Businesses, Farms," National Center for Policy Analysis, 1996. Web site: www.public-policy.org
Rate This
Rating: 0/0 (0 votes cast)
Be the first to Comment
Consult an Agent:
At no charge to you, a New York Life agent — professionally trained and experienced — can help you analyze your needs and recommend appropriate solutions through insurance and financial products and concepts. Request a no obligation review with a New York Life agent.
New York Life Insurance and Annuity Company does not provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.
| To Top |
| Business Continuation Planning |
= external link that opens in new window...