Business Succession Planning
There comes a time in our lives when every business owner starts to seriously think about what’s going to happen when they no longer can, or want to be operating the business they have spent a lifetime building everyday. As soon as you get the feeling it’s time to slow down and pass the reins on to someone else, many business owners don’t have a plan in place and wish they have thought about it before. Many people who start a business think they will either sell it or hand it over to a family member when the time arrives. We never begin thinking about this inevitable end soon enough, they usually see a different outcome for the future of their company, and unfortunately they don’t get it on paper. “Things don’t always go as planned”.
With this said, good preparation established ahead of time, on paper will make certain a successful transition of your company and wealth. You have worked hard all your life, maybe right now you are thinking about slowing down and reaping some of these rewards, so you want to take on a smaller consulting position, or maybe you just want to be done with it and retire right away. It may be time for every person to start thinking about a Business Succession Plan.
We’ll work with you to arrange agreements that outline the conditions of transfer. Our succession planning experts have experience in valuing businesses and structuring successions that take into account the economic realities and administrative functions of your retirement. Should you decide to leave your company to a family member or a key man, our specialists will work with you for a fair and tax advantage transfer.
In the occurrence of your unexpected death, a succession plan can preclude a forced deal and help make sure that your business continues to work with minimal disruption, the way you intended.