Business Succession Planning

A business succession plan reflects your efforts to decide whether to sell your business, or to transfer ownership to someone in your family.

If you want to transfer ownership to a family member you may want to make sure the business stays in the hands of someone who shares your emotional attachment to the business that you’ve worked so hard to build. And to do this in a way that assures a seamless transition, minimizes taxes, and which helps you to achieve your personal financial goals. You’ll need a plan that considers:

• the value of your business
• choosing, preparing and installing a new generation of owners and leaders in the business
• how to ensure long-term viability of the enterprise
• how to provide for your financial security as you retire
• an appropriate transfer method (e.g., a taxable versus a tax-advantaged method)
• your timetable and exit strategy