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One of the toughest leadership challenges a business owner will ever face is orchestrating his or her own exit from the company. Effective planning involves not only balancing personal, family, and business priorities, but also providing flexibility for unforeseen contingencies and changes in the law.
A good succession plan will help your business survive. As tax and business planning specialists, we can help create and implement strategies to transition your business and provide for your financial future.
Why Do Succession Planning?
As a business owner, one of your most valuable assets is your business. Providing the framework to transfer a stable and profitable business to family or non-family members is critically important. So is providing for your financial future and your peace of mind.
What Does Succession Planning Entail?
- Identifying your successors when planning your retirement, or in the event of your death or disability
- Establishing a time-line. The planning process is generally a 3-5 year window, allowing all parties adequate time to explore and become comfortable with terms, transfer agreements, and tax implications
- Completely outlining the financial and tax implications of the transfer
- Providing documentation that addresses all agreements
I Have an Estate Plan. Is That the Same Thing?
Not necessarily. As a business owner, an estate plan is usually developed as a part of the succession planning process.
How We Can Help
We are proud of our ability to help our clients with a variety of specialized services including:
- Clarifying your objectives and expectations
- Proposing alternative wealth transfer strategies
- Determining which strategies are right for you
- Minimizing the tax impacts from the transition
- Illustrating the financial implications to the owner and successors
- Selecting the right planning tools and techniques
- Asset protection planning
We have a dedicated team of highly trained and experienced professionals who are known for their personal service, sound advice, and expertise in working with the entrepreneurial business owner. When appropriate to a client's circumstances, we can also draw on other allied professionals for leadership development, legal, insurance, business coaching, and wealth management advice so that you achieve the best possible results.
A Confidential Approach
We recognize the sensitive nature of business succession and estate planning matters, and are respectful of the need for privacy and confidentiality in dealing with these matters. Our firm is committed to providing the technical expertise demanded by each client's unique situation without compromising the personal service and discretion that has been the foundation of our reputation as our clients' most trusted advisor.
