If you are the owner of a company, or even part of the leadership team, you want everything to be run in your vision to achieve success. However, you won’t be part of the company forever, and it’s of vital importance to make sure that your intentions for how it’s run is an issue that has to be dealt with. Keeping your employees protected during any passing of leadership is just as critical as finding the right person to continue after you step down.
JM Patton Associates offers comprehensive business planning services to companies who are looking ahead to the future and want to ensure that what they have started carries through long after they are out of the picture. The following are some of the components of business planning that we offer.
If you either leave the business you hold ownership in, or you pass away unexpectedly, buy/sell planning, also known as buy and sell agreements, allow you to have your stake in the company re-assigned to another party of your choosing. Whether your partner or partners gain sole ownership or your shares are sold by some other means, this gives you a plan for a time when you can no longer operate your business.
Your business likely has a specific influential executive that has a critical role in the company’s operations. This could be the owner, founder, or another leader on a board of trustees. For any concerns about how things will be run in their unexpected absence, you can take out key person insurance on them to gain expenses to help your company until you find a suitable replacement.
Business Overhead Coverage
Even if you are unable to work, your business needs proper funding to make payments and give your employees compensation. If an event comes about where you are unable to work for a period of time, we can cover your expenditures to keep your business afloat in the interim.