How business owners can protect wealth, plan for the future

Jeff Hoffmann
Posted by Jeff Hoffmann
Private Client Services

I was recently talking with two partners in a growing business and they asked me very straight-forward question: “What are three simple things we can do to ensure we’re successful?”

For me, the answer is clear:

1. Have a succession plan so you know what will happen in the case of an unforeseen event.
2. Manage business and personal assets within a total wealth plan.
3. Find people you can trust to create these plans with you.

A succession plan and a wealth plan not only help protect wealth; they could reduce risk to your wealth portfolio — while keeping your business on track.

For more information on creating sound succession plans and wealth plans, my colleague Rachel offers professional insight and practical tips in two short videos (see below), “Business and Personal Assets” and “Buy-Sell Agreements” from the Bank of the West Wealth Management Group.

A few facts you might not know:

  • Many business owners and partners have no plan for succession or a change in ownership structure.
  • Many succession plans are outdated or do not consider the range of issues that can create a need for ownership changes.
  • Business owners that do not have a comprehensive financial plan that considers business assets and personal wealth often have increased risk within their total wealth portfolio.

The two videos can help remedy the scenarios outlined above, and they are available at the Bank of the West YouTube channel. Or you can watch the two videos below:

Buy-Sell Agreements. In business partnerships, buy-sell agreements establishes the terms for a change in ownership structure and establish a succession plan.



Business and Personal Assets. For business owners looking to develop a comprehensive financial profile and investment strategy that includes business assets and personal assets.



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