Passing a business to children or another successor
A USAPlans preparation guide for ownership, management, fairness, records and business-continuity conversations.
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Succession & continuity
A business can survive only if ownership, knowledge and authority can move forward.
A USAPlans practical starting point
A business can survive only if ownership, knowledge and authority can move forward.
Succession involves more than naming a child or employee. It connects governing documents, valuation, training, insurance, taxes, family expectations and emergency authority.
USAPlans frequently asked questions
Questions about succession & continuity
These general explanations help organize a conversation. They are not individualized legal, tax, investment or insurance advice.
What if I want my children to inherit the business?
Determine who wants to participate, who is capable of operating it, how nonparticipating heirs are treated and whether ownership should transfer during life or afterward.
Ask USAPlans about this topic →What happens if an owner becomes disabled?
The business needs clear authority for banking, contracts, payroll, customers and operations. Disability and continuity funding are separate from the legal authority to act.
Ask USAPlans about this topic →Can life insurance help fund a transition?
Certain arrangements may provide liquidity for buy-sell obligations, key-person losses or family equalization. Ownership, beneficiary designations and agreement terms must coordinate.
Ask USAPlans about this topic →How is a small business valued?
Valuation can consider earnings, assets, market comparisons, owner dependence, contracts and risk. Informal estimates should not replace a qualified valuation when important decisions depend on it.
Ask USAPlans about this topic →What records should a successor receive?
Document accounts, contracts, licenses, passwords, vendors, customers, insurance, tax contacts, recurring obligations, procedures and emergency responsibilities securely.
Ask USAPlans about this topic →Related USAPlans articles
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