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Showing 2 posts tagged purchasing a member's interest.
Key Considerations in Your Family Business's Succession Planning
According to Forbes magazine, family businesses are responsible for 50 percent of the U.S. gross domestic product. Moreover, they account for 80 percent of all new job opportunities and make up 60 percent of all American jobs. Some 35 percent of Fortune 500 companies are still family firms. More >
Key Man Life Insurance & Purchasing a Member's Interest
Sometimes entrepreneurs get so caught up in the day-to-day operations of their business that they forget to look ahead to the "ifs" that the future may hold. One important "if" that everyone business owner should consider is, "What would happen to the business if one of the owners or a key employee should suddenly die?" Failure to properly plan for the death of an owner or key employee can lead to unintended consequences for the business. For example, the Company could be faced with liquidity issues if it is forced to buy out the interest of a deceased shareholder with a lump-sum payment. Another unintended consequence is the possibility that the deceased owner's spouse could become your business partner if there are no restrictions on the transfer of ownership interests in place. More >
