Business Succession

When a business owner dies, a myriad of potential problems can occur if proper succession planning is not in place. Conflicts and possibly even litigation might arise between the deceased owner’s heirs and the surviving owners. Sadly, more than 70% of family owner businesses do not survive the transition from founder to second generation. The great news is that it’s never too late to start succession planning!

We at James R. Nelligan & Associates can show you how to protect your business from the risks of death, disability and from losing a key employee. To help simplify the process there are four phases in succession planning: Start-up, Growth, Maturation and Transfer. Our objective is to provide guidance; regardless what phase your business is in.

The importance of a Buy/Sell Agreement:

With proper business continuation planning, you can help ensure that your business and the people, whose lives’ depend on it; will succeed even when you’re no longer at helm.

A properly drafted buy sell agreement could save you, your company and your heir’s thousands of dollars and ensure that your assets are passed quickly without delay.

A properly funded buy-sell agreement will address potential problems before they arise by providing estate liquidity, a source of income, tax valuation, successor ownership and management.

Life and Disability Insurance are advantageous and affordable alternatives since proceeds are generally exempt from income taxation, cash values and can be used for a buy out due to retirement or disability and the credit position of the business is strengthened.

We handle all aspects of:


  • Buy/Sell Agreements
  • Key Employee Insurance
  • Disability Funding Options
  • Life Insurance Funding Options
  • Do you currently have a buy/sell agreement but not funded?
  • Do you have hedges in your buy/sell agreement against divorce & disability?