Business succession help available

Fewer than 10 percent of closely held businesses, usually small companies, pass on to a third generation and only 30 percent even pass on to a second generation, according to Sun Life Financial. When one considers that 90 percent of U.S. businesses are closely held, these statistics point to the need for better succession planning.

Sun Life Financial Inc.’s U.S. Retail Insurance and Annuity Division has enhanced its Business Succession Planning Program to help advisors assist clients with the transition of their businesses.