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Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
Passing your family business to the next generation can be personally and financially challenging if you don’t prepare. A succession plan can help guide your company’s successors.Leaving a Legacy
If you own a small business, your company could be part of your legacy. What better way to leave a lasting imprint than to see your business thrive when you no longer lead its efforts? Business success is notoriously difficult to continue through the generations, but you can take steps to help ensure your legacy with a succession plan that works after you’re gone.Create a Business Plan
Succession planning is easier when you create a methodology to pass your business on effectively. Begin with a business plan that describes what your business does, its customers and competitors, how customers view your business and whether you compete on price or quality. This exercise leaves a more complete picture for successors.Choose Your Successors
Next, find out if your family truly wants to succeed you and they are not only willing, but able. Unprepared or unwilling successors can bring a business down quickly. Work with advisors to determine the true interests among your heirs and create a blueprint upon which they may continue your enterprise’s success.Put It in Writing
Once you nail down these basic details, work with an attorney to draw up a succession agreement. This piece of paper should detail when and why family will succeed, including the three D’s: death, disability and disagreement. It may also outline a program that helps you prepare successors for their future. Fund It
Successors will also need to pay you for your hard-earned business equity. They could pay you in installments, but this would tie your financial future to that of the business. You may help loved ones fund business succession efficiently by making them beneficiaries of your life and disability income insurance policies. Life insurance can also help you equalize an estate for a loved one who won’t be among your business successors.
Talk to a licensed financial professional to learn more about how to finance business succession.
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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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