Business Succession Planning
When an individual decides it is time to transfer the ownership and management of a business, a succession plan can help smooth the transition to the next owner and manager. We assist clients in exploring and implementing business succession plans to carry out the owner’s wishes while taking into consideration tax consequences and family dynamics.
In many businesses, the owner is critical to the day-to-day operations and upon the incapacity or death of the owner, business operations may be compromised. With a plan in place, the owner can determine in advance who is best suited to manage the business after he or she retires or is no longer able to handle the day-to-day operations. We can assist you with implementing a plan to help continue and grow a successful business into the future.
Planning for business succession is critically important to:
- Avoid family disputes which can lead to the liquidation of the business;
- Minimize the loss of confidence in the business by employees, customers, and other business partners; and
- Reduce taxes assessed upon the transfer of business interests during life or at death
Contact us today to discuss ways to ensure the continued success of your business.