Business owners have numerous things to think about, from effectively managing daily business operations to caring for employees to planning for the unknown and more. One thing that may be an essential part of a business’s plan and risk mitigation strategy is to form a business continuation agreement. At Harvest Wealth Partners, we provide financial planning services for both individuals and businesses, and can help your business form a business continuation agreement that makes sense. Reach us today to learn more about how we can help.
In its simplest form, a business continuation agreement is a legal document that outlines what will happen if a business owner dies or leaves the company earlier than expected. Depending on the type of business and the ownership structure, a business continuation agreement will addresses:
It’s important to note that a business continuation agreement is not the same as business continuation insurance, although both are often part of a business strategy and risk mitigation plan. Business continuation insurance is a type of life and disability insurance that covers losses to a business that are incurred in the event that the business owner or another key executive dies or becomes disabled. It is often paired with a business continuation agreement because, in addition to providing insurance to cover losses caused by a disruption such as death or disabling, business continuation insurance can also be used to help businesses implement a specific succession strategy or business continuation agreement.
At Harvest Wealth Partners, we recognize that your business has a lot to think about, and that creating a contingency plan and implementing risk mitigation measures can be complex and overwhelming. That’s where our team of financial professionals comes in. We can provide your business with the solid financial and planning advice that it needs to maximize its opportunities for success. To learn more about our services and how we can help, please reach out to us directly today. We offer initial meetings free of charge.
Harvest Wealth Partners is committed to helping our clients work towards a successful future. We believe in your potential to understand the financial options that can lead you to your goals. Call us today to partner with our team. We look forward to continuing our mission for years to come.
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