Business Succession Planning
Private Company Board of Directors
A private business has choices to make when it comes time to develop a board of directors. Companies organized as a C or S corporation are required to have a board. Delaware and Massachusetts law permit a minimal board consisting of one member. Most states require more than one board member. All states require S…
Read MoreSmall Business Uses for Life Insurance
Succession Planning and Buy-Sell Agreements Succession planning is critical for business owners preparing to transfer their ownership interest in the business to partners or heirs should they die, become disabled or choose to leave the business for any reason. A buy-sell agreement is a legal document detailing how a business owner’s shares will be distributed…
Read MoreBusiness Valuation Techniques
Most business owners conduct their business with little in-depth knowledge about the value of their company. Whether the company is worth $15 million or $26 million makes little difference in how one manages a business on a day to day basis. While one can argue it should be relevant in long term business planning, most…
Read MoreWhy business valuations are a key ingredient in business succession planning
Most business owners do not routinely concern themselves with the value of their business unless they have plans to sell. Many may be curious, but when they hear a price tag to obtain a formal business valuation, pragmatic thinking overrides curiosity. The cost of a formal business valuation can rival that of a financial audit.…
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