Toronto — The U.S. Retail Insurance and Annuity Division of Sun Life Financial Inc., Toronto, has enhanced its business succession planning program, which enables owners to manage the transition of their business to future owners and management. Sun Life’s program provides the necessary tools and education for advisors to guide small and family business owners through this process and ultimately help their customers successfully pass on what they have worked hard to build.

Considering that 90% of businesses in the United States are closely held, as this business sector grows, so does the opportunity for advisors to give owners basic business protection, says the company. Only 25% to 30% of closely held businesses have a succession plan in place. As a result, only 30% continue to the second generation, and less than 10% to a third.

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