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.

“The number of small businesses in the United States is growing, but few of them have a plan that allows for an orderly transition of the business at the time of the owner’s retirement, disability or death,” says Janice A. Forgays, CLU, vice president, Advanced Markets, adding that the Sun Life program provides advisors with materials, strategies, case studies, fact finders and more.

For more information, visit salesnet.sunlife-usa.com.