Small business owners rarely have an overall plan that dictates the daily operations of their business and maps the achievement of the milestone goals they set along the way. But a business exit plan is just as important as its start up strategy. Who will own your business at retirement? Who will own your business if something happens to you? Do you have partners? Are they equal partners? Do you want your spouse to own your business, or do you want it to be divided up among your family? What are you doing to recruit, retain and reward your key employees? These are just a few of the important items that need to be addressed as a business owner. One common goal when you’re building a business is to one day sell it to partners, key employees or even a competitor. Often closely held family businesses desire to transfer the company to family members. The ultimate sale of your business at retirement is ideal, but life doesn’t always cooperate. Life insurance can fund business succession plans if things don’t go as planned. Life insurance can fund the transfer of ownership with discounted dollars for those family members or business partners   Read more…