Expecting The Unexpected

Heritage Transition Planning creates Exit Plans based on the most appropriate business transition scenario for the business owner. However, our experience has taught us that plans can change. Your children may decide not to take over your business or the appropriate buyer may not come through. For this reason, Heritage creates plans that are flexible and adaptable, allowing for both changing circumstances and the following unexpected events:

Death

The death of a small business owner should be considered during the exit planning process. A contingency plan as to how the business should be sold, or who the successor should be in the event of death, will help prevent a sacrifice sale and avoid family conflict. Heritage will work with you to create a continually updated definitive statement about what happens to key employees as well as a management succession plan. When needed, Heritage will identify a board of advisors that will help your spouse and management survive the crisis.

Illness or Disability

Perhaps to an even greater degree than the death of an owner, a serious illness or disability may impact the business, particularly if the owner and his family still depend on the business income. Heritage can drastically decrease the financial and managerial strain on the business through insurance coverage and thorough adequate planning.

Liquidation

Even business owners with the best laid plans may be faced with liquidation of their assets as their only exit avenue because of marketplace challenges or internal setbacks. If liquidation becomes the most logical option, Heritage will help create the foundation for a sale that will allow you to achieve the maximum value for your assets.