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Business Planning
A
business planning team might consist of two or more of the following
persons:
The CEO of the Team
You
are the Chief Executive Officer of this team. You will make all of the
final decisions after carefully reviewing the recommendations of the
various members of your team.
Estate and Business Planning Attorney
Most
attorneys can draft a will or establish a small corporation. However, it
may be wise to choose one who specializes in estate planning and business
continuation. Your choice could mean the difference between successfully
achieving your goals and failure of the business plan.
Life Underwriter
Life
insurance is very often a key element in the smooth transfer of a business
to either heirs or surviving business associates. An insurance
professional will be able to assist you in determining the best type of
policy and the amount required to meet your goals.
Certified Public Accountant (CPA)
Almost
all successful businesses require the services of a qualified accountant.
The CPA designation is an indication that a person has passed rigorous
examinations and has been in practice for a number of years. Some CPAs
have pursued additional studies in the complex areas of business valuation
methods.
Business Appraisal Expert
In
the event of a disagreement with the IRS as to the value of the business
interest, it would be prudent to possess a detailed appraisal by a trained
and qualified expert. There are experts who specialize exclusively in this
field.
Financial Planner
Sometimes
the life agent, accountant or other member of the estate planning team may
have special training in financial planning. Other times a person who
specializes in financial planning may be a part of your team. This broader
knowledge may help to coordinate the efforts of the team.
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