Business Succession Planning


One of the important decisions a business owner must face is when and how to step out of the business—in other words, business succession planning. Do you expect to retire from your business? Do you have a plan in place? What would happen to your business if you were to die today? Do you have children you hope to bring into the business? These are questions only you can answer, and your answers will lead you and your financial and legal advisors to a course of action.


There are a few basic alternatives.

Lifetime Gift/Sale to Your Family. If your family is involved in the business, you could give or sell your business to them.

Sale to Non-Family During Your Lifetime. If your family is not involved in the business, you could sell the business to a non-family member when you are ready to move on.

Gift/Sale Upon Death. If you are not ready to retire, you could simply provide for the sale or distribution of your business upon your death.

Sale to Co-owners. If you co-own the business with others, you could enter into an agreement with them to sell your business interest upon the occurrence of one or more events.

Also, if you actively manage the business, you should also make sure to have a plan in place for one or more persons to take over the management of the business if you are unable to act.

As you navigate through many steps, our Business Succession Planning Wealth Strategy Report will highlight some key areas and guided steps for:


A private wealth advisor can help you get started.

Our advisors can help you follow your passions, build a legacy and have a positive impact on others.

Important Disclosures All data, projections and opinions are as of the date of this report and subject to change.

Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.

Bank of America, Merrill, their affiliates, and advisors do not provide legal, tax, or accounting advice. Clients should consult their legal and/or tax advisors before making any financial decisions.

The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., (“Bank of America") and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S" or “Merrill"), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation.

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