Business Succession Planning!

To ensure that your business passes to your ideal successor, carefully craft a business succession plan that clearly articulates who will eventually get the business, sale price, purchase terms and possible trigger events.

5 types of succession plans

A successful business succession plan outlines who, how and when your business will pass to another person or company when you retire, are disabled, or pass away. Most plans involve a buy-sell agreement, secured with life insurance or a loan. The five most common types of business succession plans are:

1. Selling your business to a co-owner

If the business was founded with just two partners, the surviving partner could agree to purchase the other’s interest if one owner retires, dies, or becomes disabled.

2. Passing your business on to an heir

Popular with business owners who have children or family members who work in the organization, this type of agreement needs proper planning, so as not to stir up family conflict.

3. Selling your business to a key employee

Choosing a key employee to take over can help you ensure that your business will be run by someone who is experienced, respected by your staff, and knows the essential procedures and relationships.

4. Selling your business to an outside party

Depending on the type of business you have, if there isn’t an obvious successor, you may look to the community to sell your company – perhaps to a local entrepreneur or a competitor.

5. Selling your shares back to the company

If your company has multiple owners, establishing an “entity purchase” or “stock redemption” plan will enable the surviving owners to keep control of the business by purchasing the shares of the owner who retires, passes away or becomes disabled.

In all these cases, life insurance can be used effectively to ensure that funds are available when it’s time for the business to pass from one owner to another.

Next Steps?

Call (904) 742-6871 to schedule a time to work together on customizing a strategy to meet your specific needs.


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Other Types of Insurance!

What is whole life insurance?

Whole life insurance is a type of permanent life insurance that helps protect your loved ones in the future and your finances now. Whole life insurance policies offer two primary benefits: a guaranteed death benefit paid to your beneficiaries when you pass away, as long as you continue to pay the premium, and a cash value that can be withdrawn or borrowed from during your lifetime.

What is GUL life insurance?

Guaranteed universal life insurance, also commonly known as a “GUL” policy, is something of a “hybrid” between term and whole life insurance. GULs offer the permanence of whole life insurance and the affordability of term life insurance, with level rates and premiums until age 90 or later.

These policies do not require an investment value, and their are no investment risks. With a GUL policy, your monthly rates and coverage can be guaranteed until the age of your choice, even to age 121!

What Is IUL Insurance?

Indexed universal life insurance is a type of permanent life insurance, which means it has a cash value component in addition to a death benefit. The money in your cash value account can earn interest based on a stock market index chosen by your insurer, such as the S&P 500 or the Nasdaq Composite. Funds don't earn a fixed rate of interest but typically come with an interest rate guarantee.

What is LTC life Insurance?

The "new kind" of LTC insurance is known as a "linked-benefit" or "hybrid" LTC insurance policy. (It has actually been around since the late 1980s but has only recently become more popular.)

Simply, it combines - or links - LTC insurance benefits with another type of insurance like life insurance or an annuity. It provides a pool of money to pay for long-term care expenses, but if you never need care your heirs receive a life insurance death benefit or the cash value from an annuity.



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Curtiss Financial

1706 Art Museum Drive # D10 Jacksonville, FL


Curtiss Financial