Being a business owner can be one of the most financially rewarding endeavors anyone undertakes. Many of the most successful business owners have dedicated years or maybe even decades of their life and sacrificed just about everything to ensure the success of the business. The devotion, sacrifice and commitment displayed from these owners is more than some can even possibly fathom. Quite often, these businesses are the owner’s only source of income and account for the bulk of their net worth – both of which can be very substantial. Despite all of this dedication and endless commitment, most businesses fail to transfer their success or, even worse, their value to the next generation for the simplest reason of all – lack of planning for events such as death, disability or retirement of an owner.

There are a vast array of concepts and techniques used to help protect the value of a business from these perils. Many of these planning methods are simple, straightforward and relatively easy to implement. Some of the more common techniques are: Buy-Sell Agreements, Cross Purchase Plans, Dissolution Agreements and Installment Sales. All of these simple or complex strategies require the focus of a professional whose compassion, dedication, commitment and expertise parallels the business owner to ensure proper implementation. Unfortunately, too many business owners do not know where to find these professionals.

Lewis, Fort and Associates is a premier provider of customized solutions for business succession planning. We can design a blueprint that will help insulate the value of your business and create the framework for the most efficient, beneficial and profitable way to transfer that value to the next generation or ownership group. This tailor-made blueprint will stipulate circumstances such as: when and why a transfer takes place, how much money the transaction will cost, how the transaction is funded and who maintains ultimate control. Our solutions will help circumvent any potential ownership conflicts, avoid the need to sell a business that may be illiquid or hard to value, protect the customer base, safeguard key employees and can be used for sole proprietors, partnerships and even corporations.

If you are a business owner and do not have a customized business succession plan in place that addresses these issues, contact Lewis, Fort & Associates today. It may be the greatest financial decision you ever make.