Business continuity planning is the process involved in creating a system of prevention and recovery for businesses of any size. The plan ensures that personnel and assets are protected and are able to function quickly in the event that something goes wrong.
A successful business transition involves many personal, financial and business dynamics. We're here to help.
Whether you decide to sell your business or pass the farm operation to your heirs, insurance can help make it an easier process.
Without proper planning, you could be leaving your business in the hands of someone inexperienced. Let's make sure you're prepared.
You've worked hard to build your business. Our experts will provide personalized guidance backed by in-depth local insight to ensure it prospers far into the future.
Let our team guide you with investments, answering questions you may have, and giving you advice to set you and your business up for continued success.
Our wealth planning experts at Journey Wealth have the knowledge and experience to help you create a plan to ensure that your business or ag operation remains a going concern. You've worked hard to build your legacy. Whether it's a need for disability insurance, key-man insurance or buy-sell agreements, let us help make sure your business continues to operate the way you envisioned.
Contact us at Journey Wealth today.
Transition planning involves preparation for the sale or transition of a business when the founder is ready to retire or exit the farm operation or business. Planning for that eventuality can be a complicated and overwhelming process. It's a process which includes a review of the current state (i.e. share ownership, tax efficiency, risk management, estate distribution, etc.) and exploring options that will help you make better decisions. The best time to develop a transition plan is well in advance of when you actually plan to leave the business or ag enterprise. A proper plan will allow a business or farm owner to effectively transition in a variety of scenarios, not just a planned exit. It will also contemplate sudden departures of business partners or if there is an offer to purchase the business down the road.
Key elements to transition planning include the following:
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Your farm and business are your life. If you've transitioned your operation, you'll be thinking about what the future holds. Some areas you may have considered are:
