Securing Your Business Legacy – The Importance of Succession Planning

As a business owner, you’ve poured your heart and soul into building your enterprise. But have you considered its future without you? Just as personal estate planning protects your family, a well-crafted succession plan safeguards your business legacy.

Consider these sobering facts:

• Only 30% of privately held businesses survive into the second-generation
• Less than 15% make it to the third-generation
• Only a third of business owners have established a formal succession strategy

A succession plan isn’t just about your exit – it addresses your retirement needs, provides for an orderly management transition, and protects your business in case of unexpected events.

Key strategies to consider include:

• Sale to intentionally defective grantor trusts (IDGTs)
• Grantor-retained annuity trusts (GRATs)
• Self-canceling installment notes (SCINs)

Remember, it’s never too early to start planning for your business’s future. By taking action now, you can ensure your life’s work continues to thrive for generations.

At J. Blum & Associates Wealth Management, we’re here to help you navigate the complexities of business succession planning. Contact us today to start securing your business legacy.

The foregoing material is for information purposes only and does not purport to be a complete description of the material referenced herein, nor is it a recommendation. The information has been obtained from sources considered to be reliable, but there is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Any opinions are those of J. Blum & Associates Wealth Management and not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. There is no assurance that any investment strategy will be successful. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. Every investor’s situation is unique, and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

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