You've worked hard to build a great business. With careful planning, you're looking forward to a bright and successful future. What would happen to your business if you or another owner dies, becomes disabled, or wants to retire?
One of the keys to longevity of a business is to ensure a smooth transition of ownership during your lifetime or at death. Without an agreement between the current owners, you may risk the business being owned by an unqualified person or even perhaps a competitor. Proper planning can help business owners maintain control when a change of ownership becomes necessary.
Exit Strategy – A comprehensive lifetime plan that establishes your retirement plan, arranges for a business succession plan, and incorporates both these strategies into your estate plan.
Business Continuation Strategy – A comprehensive plan that includes the purchase of life insurance for each business owner and a Buy-Sell Agreement that, upon the death, disability or retirement of an owner, identifies the purchaser of the business, price and terms of the sale in addition to providing cash values or death benefits as specified in the agreement.
Key Person Insurance – A cost-effective way to ensure your business will have the necessary funds to replace a key individual who passes away, protect the business from any resulting monetary loss, or finance succession and estate plans.
For more information, call us at (877) 643-4344 or visit any conveniently located First Hawaiian Bank branch and ask to speak to a Wealth Advisor.