Family businesses and small businesses account for 90 percent of all businesses in Virginia.
Just under half of all family businesses in Virginia at any given time are in the process of transition from one generation of owners to the next—and many fail at this critical moment as a result of poor planning.
People, burdensome taxes, and lack of operating capital are the main culprits—avoidable with proper planning.
Just like the need for estate planning is ever present, so too is business succession planning. And our firm designs our estate plans for business owners with that added feature—business succession planning, if desired.
You simply don’t know when you will become injured, disabled or die—thus planning is needed, today, for peace of mind and financial security of your family, and the business left behind.
Life insurance can assist in the short term with capital management of the business, but a buy-sell agreement should also be considered.