Providing Strategies for Transferring Business Ownership to the Next Generation – or New Leadership
Developing and implementing a well-designed succession plan is essential to the survival of any family business. Yet, while eighty-five percent of family-owned firms have identified a family member as a successor, just one in eight has a succession plan in place.
Are you one of them?
If you already have a succession plan in place, then you’re already on your way to a secure financial future, but if you don’t, we are here to help.
Succession Planning: The Cornerstone of Your Financial Future.
As trusted advisors, we assist business owners in securing financial independence by structuring their business in a way that promotes long-term success and stability. We work with business owners and their families to develop plans for transferring business ownership to the next generation or to new leadership.
If you decide to sell, we work with you to identify the financial strengths and weaknesses of your business and develop a plan to maximize its value in preparation for sale. If you decide to keep the business in the family, we work with you to prepare your successor to take over the business or identify one if you haven’t already done so.
Succession planning services include:
- Assist with the internal transfer to a family member
- Estate and trust tax planning
- Gift tax planning
- Retirement planning and tax projections
- Business restructuring
It’s Never Too Early to Start Planning an Effective Business Exit Strategy.
Preparing a business for sale is very different than managing it. It takes time to properly prepare a business for sale to get the highest price. Business owners should start creating an exit strategy at the earliest possible opportunity.
How do you put a value on the business? Understanding the sale price of your business is based on what someone else is willing to pay for it. Periodically having a valuation prepared is a good way to help determine what you need to do in order to reach your goals.
We can help you:
- Define an exit strategy that meets your financial and personal goals
- Develop a buy/sell agreement to minimize risk and maximize profitability
- Assess valuation of ownership interests to remove uncertainty and allow for proactive planning
- Develop well structured redemption, cross purchase or hybrid agreement to reduce adverse tax consequences
If you need assistance figuring out which exit strategy is best for you and your business, simply fill out the contact form below or give us a call right now.