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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
May/June 2018
All in the Family
Passing your family business to the next generation can be personally and financially challenging if you don’t prepare. A succession plan can help guide your company’s successors.Leaving a Legacy
If you own a small business, your company could be part of your legacy. What better way to leave a lasting imprint than to see your business thrive when you no longer lead its efforts? Business success is notoriously difficult to continue through the generations, but you can take steps to help ensure your legacy with a succession plan that works after you’re gone.Create a Business Plan
Succession planning is easier when you create a methodology to pass your business on effectively. Begin with a business plan that describes what your business does, its customers and competitors, how customers view your business and whether you compete on price or quality. This exercise leaves a more complete picture for successors.Choose Your Successors
Next, find out if your family truly wants to succeed you and they are not only willing, but able. Unprepared or unwilling successors can bring a business down quickly. Work with advisors to determine the true interests among your heirs and create a blueprint upon which they may continue your enterprise’s success.Put It in Writing
Once you nail down these basic details, work with an attorney to draw up a succession agreement. This piece of paper should detail when and why family will succeed, including the three D’s: death, disability and disagreement. It may also outline a program that helps you prepare successors for their future. Fund It
Successors will also need to pay you for your hard-earned business equity. They could pay you in installments, but this would tie your financial future to that of the business. You may help loved ones fund business succession efficiently by making them beneficiaries of your life and disability income insurance policies. Life insurance can also help you equalize an estate for a loved one who won’t be among your business successors.
Talk to a licensed financial professional to learn more about how to finance business succession.
GE 131926 (12/17)(Exp 12/19)
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. GE-6572038.1 (4/24)(Exp. 4/26)
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