Business Succession Planning is an Estate Plan for your business. For many business owners, your business represents a sizable personal investment, years of hard work, and a significant portion of your overall estate. This is particularly true for Family-owned businesses since these businesses are unique in that are an extension of the family relationship. While this common relationship is a large part of while your business it successful, it can also present challenges during periods of growth and when transitioning between generations.
These challenges are best managed when planned for in advance. The firm has experience with businesses in many different stages of growth. We can assist you in handling these challenges both before they begin as well as when they are encountered. To prevent negative impacts on your own business, the firm can assist with business and succession planning services to family businesses. Business planning includes a combination of tax planning and estate planning designed to separate personal assets from business assets to protect against an economic downturn. This process also smooths the transition to new owners and managers once you are ready to start a new chapter in your life so that the business you have built continues after you.
Transition planning is an estate plan for your business. When you are gone, will the business cease to exist? Will it continue with a partner or family member at the helm? Is the family member ready? Do you want to keep the business in the family, but the next generation is not involved?
These questions can be addressed through business succession planning. If you want to talk about how you can plan for tour business then click below to schedule an appointment.