Who will look after your business?
Creating a business succession plan is as important as creating a successful business in the first place.
Every business owner will exit their business, either to death, disability, or retirement. Business exit planning helps owners set and achieve their exit objectives.
It enables owners to leave their companies when they want, to the successors they want, and with the amount of cash they need, while minimizing the risk of loss and taxes.
If some children are active in the business and others are not, how do you treat everyone equally, or at least fairly when you’re gone?
If the business is to be sold to a key employee, or a third-party purchaser, how do you structure the sale?
If you die unexpectedly, will your business be able to continue without you, and still provide for your family?
Without Succession Planning
At your death or disability there are potential risks
You may unwittingly be in partnership with your co-owner’s spouse or children when he or she dies.
Key employees may leave the business.
Your business may fail.
Your business may not sell for full value.
There may be unnecessary expenses if the business is sold.
There may be unintended financial results stemming from a Buy/Sell Agreement that is out of date or underfunded.
Implement a business exit strategy that will
Maximize the value of the business.
Maintain control for the owner until a transfer happens.
Minimize ownership transfer costs.
Protect the financial future of the business owner and their family.