b"Fall 2024ASSOCIATE2025 WPMAEXPO Presidential Sponsor & Educational Session PresenterMEMBER It's Your LegacyAre Your Wishes Clear?NewsMost business owners spend a lifetimebuilding abusiness without considering what will happen when they are not thereto run it. Some have put together buy-sell agreements that do not takeinto consideration the details of their specific situation.When designing abusiness succession plan, you need to carefully consider what should happen to each owners share if they die, become disabled, or retire. This consideration involves many factors, including:Family:Blended families or family members who do not participate inthe business may require tailored planning.Valuation:A clear and efficientbusiness valuationmethod can save the next generation of owners time and money.Taxes:Effective business succession planning can help ensure yourtransition is astax efficientas possible.Legacy:A clear plan can help prevent disputesamong your heirs.These major considerations are often lost when opting for a defaultbusiness succession plan.When planning your business succession, decide what you want to have happen at each owners death, disability, or departure. Then look at whatwill happen under your current plan. If these do not match, its time to meet with an attorney who specializes inbusiness succession planning.Contact your local Federatedmarketing representativeto discuss our network of attorneys who are specialized in business succession planning.48www.wpma.com / Fall 2024"