You have worked hard to grow and develop your business. You have poured your heart, soul and passion into the business. Now you find it is time to think about retirement. What is your plan? Planning for the succession of the ownership, management and growth of the business is no easy task – it may be an emotional and a difficult topic to discuss for some family members. You may have envisioned the business being passed on from generation to generation, but have had no real discussion of the issues with your family, key employees or advisors. Have you envisioned what would happen to the business if you became disabled or died unexpectedly?
Planning for the succession of the ownership, management and growth of the business is critical not only for the future of the business, but for your peace of mind and the preservation of your family’s wealth. A business succession plan is a multi-faceted plan which helps ensure the orderly transfer of the ownership and management of the business in the event of specific life events, such as retirement, disability or death. Such a plan also analyzes and addresses financial, valuation, tax and asset protection issues.
Our firm can assist you in thinking through the many issues attendant to business succession planning, as well as assist you in implementing your business succession plan.