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Summary: When successful business owners reach a certain age, it becomes imperative that they address the issue of succession planning. Many of them may have been dodging this particular conversation for years, yet they often come to their advisors with seemingly ironclad convictions about how they’d like the succession to play out.
 Although no one can know for certain what the future will look like for small businesses, creating and implementing an effective business succession plan will result in financial benefits, tax advantages and emotional satisfaction, regardless of what the future brings."David A. Scott, Vice President, Advanced Sales, Penn Mutual Life Insurance Company. |
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