Business Succession Planning
“If you don’t know where you’re going, any road will take you there.”
Why Business Succession Planning is Important
You built your business through sweat, hard work, and grit. For most entrepreneurs, their business operations represent a legacy that they’d like to leave to the next generation.
With that in mind, what would happen to your business in the event you are suddenly incapacitated? Is there someone with a comparable work ethic and expertise that could step into your shoes? Have you thought about the clients that depend on the goods or services your company provides? Who would service their needs if you are not around?
Without a proper succession plan in place, family strife and internal (company) politics would threaten the future of the firm as a going concern. In some cases, companies without sound succession plans find themselves being pushed into bankruptcy.
There are far-reaching repercussions for not having a well-thought-out succession plan. Unfortunately, all of them are not too pleasant for the business, the business owner, his/her beneficiaries and the employees working for the company!
What We Can Do For You
Simply put, our Business Succession Planning service provides business owners peace of mind – the kind that comes from knowing you are well-prepared to relinquish control of the business on your own terms. And we do that by ensuring that the stewardship of the business passes into hands that are designated and approved by you - the business owner.
Here’s a preview of what our Business Succession Planning service covers:
- Strategizing succession: We help you identify the ideal succession strategy based your objectives, which might include:
- Maximizing sales proceeds
- Minimizing tax implications
- Creating a legacy for your family
- Assuring a comfortable retirement
- Building succession plans: We’ll consult with you about possible succession strategies: Pass the business on to your next generation? Hand it over to designated/trusted employees? Sell the business to a competitor and pass the proceeds to your heirs?
- Understanding the impacts: Together, along with our partner Estate Planning experts, will walk you through the legal, financial and tax implications for each of the various succession scenarios proposed.
- Relationship-building: Finally, we’ll work with you to establish a comprehensive timeline for key milestones within the plan. And because our service is based on a long-term relationship, we’ll continually monitor and consult with you as your succession objectives evolve or change