How Do We Protect Our Legacies

In my most recent blog, I talked about legacies, particularly what they can be in relation to a family-owned business. As are many small business owners, I am a sole proprietor. This type of business can include closely-held family businesses with an individual leader who is recognized as the face of the business. Family businesses can also have multiple owners, even dozens, and can be formed as a variety of business entities: LLC, Sub S, C Corporations, family partnerships, as examples.

How do these businesses continue after the founding “mom or pop” retire, are unable to continue to manage operations, or pass on? Does a younger generation take over? What happens if there aren’t family members who are interested? Is the business dissolved? Does it get sold?

Without advance planning, most companies simply shut their doors. How can you avoid this situation and protect your legacy?

Life and disability insurance policies are always of tremendous value in these situations for any size company. This remains true whether the business will continue within the family or whether it will close or be sold. With resources to draw upon, the options for any transition will benefit.

My next blog will focus on examples of possible arrangements using insurance to protect your legacy. As much as we want the legacy to continue by having your business continue, your legacy can be a different kind of gift to those who depend on you. Protect your hard work. My agency can help you protect the future.