The death, permanent disability or critical illness of an owner in a small-medium business can be detrimental to the ongoing viability of the business as well as the families of all owners.
For business owners, a Business Succession Agreement funded by insurance, protects all owners and their families by enabling the timely and orderly transfer of ownership in the event of death, total and permanent disablement or critical illness or injury of one or more of the owners.
A successful strategy has two components: a business succession agreement and a funding mechanism. It is important that these two components are structured together. This will generally require a financial planner, lawyer and accountant to work together. Patrick Sutton is experienced in all aspects of business succession and his background studies in accounting and financial planning assist him in discussing the critical issues with your financial planner and accountant to ensure the best outcome is achieved for you.