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Plan & Protect
Reduce risks and enjoy peace of mind with these tips and insights to protect what matters most.
When you ask business owners about their retirement plans, many answer, “I’m going to sell the business.” But without a plan in place, the chance of transitioning the business to a new owner who shares similar values and is willing to pay a fair price greatly diminishes. You owe it to yourself and your employees to plan for how your business will continue once you retire, and life insurance can help.
Most business owners have not planned to whom or for how much they will sell their businesses at retirement.
Let’s assume an employee or family member is interested in purchasing the business. One method of planning for a smooth and profitable transition of ownership is by putting a one-way buy-sell agreement in place. You should seek the assistance of an attorney when drafting such an agreement, but some advantages and considerations include:
By following these simple steps, the results can benefit both buyer and seller.
Start by contacting your attorney and your independent insurance agent, who can review your business continuation plan and help you get the life insurance you need.
Neither The Cincinnati Life Insurance Company nor its affiliates or representatives offer tax or legal advice. Consult with your tax adviser or attorney about your specific situation. For policy service and additional information, speak to an independent agent representing The Cincinnati Life Insurance Company. For a complete statement of the coverages and exclusions, please see the policy contract. All applicants are subject to underwriting approval. Products and riders available in most states.