For many privately owned businesses the owner’s overall wealth is disproportionately dependent on the value of the business. This is particularly true early on in the life of the business owner, before the owner has had an opportunity to invest cash distributions into non business investments. So what happens when the owner meets an untimely demise, be it death or disability?
For business owners who “go under a bus” unexpectedly the ramifications on their families, the employees, and often other parties can be disastrous. Whilst there is little that can be done in terms of mitigating the risk of some form of accident, a great deal can be done in terms of mitigating the consequences of such an accident. This is the plan for an unplanned succession.
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