b'WPMA Associate NewsThe SHIELD s m2024 WPMAEXPO Presidential SponsorThe SHIELD smMANAGEMENTfor Business Owners & Educational Session Presenter Planning for the Family Business TransitionRisk Business owners face the challenge that their role as leader will one day end. Con-fronting and planning for the next generation This article is for generalcan be difficult, however the cost of not facing information and risk preven- Recognizing and acknowledging these potential tion only and should notthis questionboth financial and personalbe considered an offer of may be substantial. Investing the time now barriers can help begin the crucial process of insurance or legal, financial,to ensure asuccessful business transitionbusiness succession planning.tax, or other expert advice. The recommendations hereincan be impactful for the owner and show the may help reduce, but are notcompany that there is a bright future forguaranteed to eliminate, any or all losses. The informationthe next generation of the business. Make Your Transitionherein may be subject to, and is not a substitute for, any lawsUnderstand a Successor regulations that may apply. This information is current as of its publication date andthe Barriers Ask yourself, What do I want the business to is subject to change. Some of the services referencedlook like? The best option for your businessherein are provided by thirdSome of the common barriers contributing to awhether its a sale, a gift, or a combination of the parties wholly independent of Federated. Federated provideslack of a succession plan include: twowill depend on a variety of considerations access to these services withand your individual circumstances. the understanding that neither Feeling uncertain about the future Federated nor its employees(andvalueof the business) A qualified attorney can help you sort through provide legal or other expertyour options and design a business succes-advice. All products and ser-Lacking clarity about what thesuccessionvices not available in all states.planshould look like sion plan that will be in sync with what you Qualified counsel shouldwant.Talk to your Federatedmarketing be sought with questions Lacking time to preparespecific to your circumstances. representativefor a referral to a member of Fed-2023Federated Mutual Fearing the unknown erateds network of independent, experienced,Insurance Company. Avoiding the subject due to its complexity and vetted attorneys. All rights reserved Published Date:SAugust 14, 202358 www.wpma.com / Fall 2023'