C3 Financial Partners

What Do a Canoe and a Business Have In Common?

There are 2 times you can get in trouble — getting in and getting out!

Curious, how many canoes do you see in your world?

About 90% of businesses are closely held, and many are owned by baby boomers. BEI reports that about 56% of owners want to sell or transfer their ownership within the next 10 years. Unfortunately, most have not created written plans to do so.

Owners naturally have diverse definitions of what is most important to them and how they will define a successful ownership change. A buy-sell agreement created by collaborative advisors helps identify what possible opportunities and obstacles the owner’s plan may encounter.

But what if the owner dies or becomes disabled before the business transition?

For plans triggered by disability or death, another funding option is to explore if owners qualify to use disability and life insurance as part of the solution. Insurance companies understand these financial risks and have guidelines to help quantify and secure this coverage.

Let’s go to work together to make the transition in and out of the canoe successful for business owners. At C3 Financial Partners, we look forward to helping you gain clarity in your goals and objectives, confidence that you are making the right decisions, and coordinating with you and your other advisors.

Individuals and businesses, even nonprofits, engage us to identify, prepare for, and manage some of the risks they can't control.