Business Succession Funding

It happens everyday.  Another established business ceases to exist, due to the death or disability of the key person, typically the founder and owner. Everything that this person gave up in order to make the business a success becomes meaningless at this point. A business succession plan can help allow the company to stay in business and potentially grow to even greater heights after the loss of a key executive.

Somerset Financial Group works extensively with business owners looking to increase the longevity of their company in the event of their death or disability.  In terms of business succession funding, ask yourself these questions: 

  • Do you have an exit plan for your business?
  • Do you have a plan to take your money with you on a favorable basis when you leave the business?
  • In the event of death or disability, what would happen to your line of credit?
  • What does "retirement" mean to you?
  • Do you have children who are active in the business as well as children outside the business?  If so, how do you equalize the inheritance?

Don't let procrastination and an untimely death or disability of the primary owner lead to a company's early demise. Proper planning can create a sort of immortality for the primary owner as their work and effort can continue to grow after they are suddenly removed from the picture.

If you have any questions or would like to schedule a free consultation to discuss your financial future, please contact us today toll-free at (800) 929-2499 or (248) 649-0780.