An integrated approach of business interest transition from current ownership to related parties, key employees, or outside parties which takes retirement goals and needs as well as estate plan objectives into consideration. The following components are part of a business succession plan:
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A well drafted and signed buy-sell agreement (reviewed each year to assure accuracy)
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Funding for the buy-sell agreement triggers (i.e. death, disability, divorce, employment termination, etc)
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Identification of key employees and methods of retention
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Review of the best methods of ownership transfer based on retirement and estate planning goals