Maybe you’re retiring. Or just moving on to the next big thing. Does your business have a plan? Don’t let it get into trouble before those left can “figure it out.”
SUCCESSION PLANNING
Plan for Who’s Next
Who takes over after you? You can’t just have someone in mind — they need the legal authority to step in. Will they ensure your loved ones are taken care of? A solid succession plan answers these questions and protects both your business and your family.
Sell Your Business
Putting your business up for sale isn’t just about getting a good price for the work you’ve put in. With proper planning, you can structure the sale to reduce taxes, protect your legacy, and make the transition smooth for everyone involved.
Avoid Tax Consequences
You could end up facing a big tax bill when transitioning the ownership of your business. Careful structuring can help to minimize costly surprises that will take value away from your family or heirs.
Ensure Loved Ones Benefit
Part of transitioning the ownership of your business should involve insuring your loved ones benefit from your lifetime of hard work — without confusion, delay, or unnecessary burden.
Choosing a Successor vs. Selling Your Business
Going through the process of picking a successor can help to preserve your legacy and values, enable you to have ongoing influence or involvement in the business, and may be able to provide you with continued income. It does, however, require clear legal authority and planning.
On the other hand, selling your business provides a clean financial exit and demands less emotional involvement—but it often involves third-party valuation and negotiation and could trigger taxes and regulatory considerations.
Unsure which path is the right one for you?
Step 1
Schedule a Free Consultation
Reach out and set up a time for us to talk with each other. We won’t know if it feels like a fit until we get to talk.
Step 2
Collaborate on an Estate Plan
Our team learns about you and your unique needs so we can work with each other to help you design your ideal plan.
Step 3
You Are Set Up for the Future
We’re committed to making sure you understand and feel confident in whatever plans we help you to create.
