Succession Planning

Developing the Right Strategy

Your business was built on big dreams, careful plans and hard work. It comes as no surprise, when it’s time to transition it to the next generation, you want a thorough plan in place. 

After all, your business is your legacy – and you should have a hand in ensuring your vision lives on. A business succession strategy also helps ensure your business won’t have an interruption or be sold off to an unknown party. 

We’ll work with you, your team of professionals – attorney, CPA, tax advisor – and your successor(s) to create and implement a plan that fits your needs and goals.

How Does a Business Succession Plan Work?

As a business owner, planning ahead is a familiar part of the job. It’s never too early or too late to create a business succession plan. Through the succession planning process, you’ll evaluate the future of your business, take into account goals and choose a successor, develop a buy/sell strategy and provide guidance for continuing the operation. Be sure to sit down with your chosen successor(s) to talk about transition planning and how involved you will be after you transition away from the driver’s seat. Your transition can be as structured as you want it to be.

Additional Considerations

As a retiring business owner, consider ways to transition that will minimize your tax burden and manage debt. A business succession plan takes outstanding debt and lines of credit into account and provides information on how to manage debt repayment and minimize the tax consequences of any transfers of ownership. Having a plan in place aids in a seamless transition and a beneficial financial outcome for you.