Would you like to switch to the accessible version of this site?Go to accessible site Close modal window
Don't need the accessible version of this site?Hide the accessibility button Close modal window
Protect What Matters . . . .
DON’T LET YOUR BUSINESS FADE AWAY….PROTECT IT
75% of business failures follow the unexpected death of the founder.
Source: Prince and Associates. Analysis of 749 family businesses that failed within 3 years of transfer to next generation.
If you’re like most business owners, you know your business inside and out. You get the job done, day after day, racing around without missing a beat. You’re overseeing multiple responsibilities: sales, marketing, inventory, managing employees, meeting clients, monitoring cash flow and much more. You feel like you can do it all, and you usually do.
3 out of every 10 Americans in the workforce will become disabled before they retire. 1
When you think of succession planning, thoughts of passing the business on at retirement may come to mind. But what if something unexpected happens before then and you are not able to run the business – even temporarily?
It’s critical to have a strategy with a contingency plan that spells out what you want to happen if you die prematurely, become disabled, if you or a business partner gets divorced, loses a professional license, etc.
Many business owners have not put a plan into place that will enable them to pass the business on to a son, daughter or valued employee, while also providing for their spouse. It’s probably not a coincidence that only 35% of small business owners have a formal succession plan3 and only about
30% of small businesses survive the transition to a second generation.[i]
Replacing a key employee can cost 150%–250% of their salary.[ii]
A key employee is someone you rely on, whose skills and business knowledge may be hard to replace.
Losing a key employee to death, disability or a competitor can result in a significant financial loss to the business. So it’s important to protect your business with incentives that encourage key employees to stay long-term.
Set your business apart with key employee benefit plans.
Often called “executive benefits,” key employee benefits show employees that you value their contributions and want them to be a part of the long-term success of the company. These benefits can help reward and motivate your most critical employee, and also offers a way to distinguish you from the competition.
Your financial professional can help you put employee benefit programs in place that enable you to buy loyalty and retain top talent while providing business flexibility. Our legal professionals can help you with a succession plan, key employee protection, estate plans, asset protection and headache reduction.
Many business owners have not put a plan into place that will enable them to pass the business on to a son, daughter or valued employee, while also providing for their spouse. It’s probably not a coincidence that only 35% of small business owners have a formal succession plan3 and only about 30% of small businesses survive the transition to a second generation.4
At Strong International Law Group, we help with that succession planning so that you don’t allow your business to fade away. We can help you make a succession plan and integrated estate plan to keep the business, pass on to future generations and kept the family wealth, in the family. You’ve worked too hard to lose it. Protect What Matters. . . email us today at [email protected]; www.stronginternationallaw.com
1Source: Social Security Administration, 2007.
2Bliss & Associates Inc., Wayne, NJ Consulting Firm, 2012.
3LIMRA Small Business Owners, 2009.
4"Don’t Let a Weak Succession Plan Become
Thank you. Your submission has been sent.
841 174th Street S
Spanaway, Washington 98387
Strong International Law Group is located in Spanaway, WA and serves clients in and around Spanaway, Steilacoom, Lakewood, Graham, Roy, Mcchord Afb, Mckenna, Kapowsin, University Place, Dupont, Puyallup, Eatonville, Tacoma, Milton, Yelm, Sumner, Orting, Olympia, Anderson Island, South Prairie, Fox Island, Buckley, King County, Kitsap County, Pierce County and Thurston County.
Attorney Advertising. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. [ Site Map ]
See our profiles at Lawyers.com , Martindale.com and Avvo.com
Martindale-Hubbell and martindale.com are registered trademarks; AV, BV, AV Preeminent and BV Distinguished are registered certification marks; Lawyers.com and the Martindale-Hubbell Peer Review Rated Icon are service marks; and Martindale-Hubbell Peer Review Ratings are trademarks of MH Sub I, LLC, used under license. Other products and services may be trademarks or registered trademarks of their respective companies. Copyright © 2023 MH Sub I, LLC. All rights reserved.