What happens to my family financially if I die before I sell my business?

There are a few ways you can plan ahead to minimize the downsides in the event this happens. The most basic is a life insurance funded buy-sell agreement. For family businesses, succession planning and training can be helpful for keeping the business operating well. The surviving family can have way more options to be taken care of when the business is set up to succeed after the founder’s passing.
It’s very common for founders to fail to build enough outside assets before they pass away. A great way to remedy this is to have the business or successor purchase life insurance on the founder. This will provide capital that can be used for purchasing the business from the founder’s family.

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