One of the most critical components of your family and business planning is that of succession. Who will take over when you retire? Will there be a buyer for your business?
Succession Planning provides for the orderly and desired transfer of your business and other assets upon the occurrence of a life event. If these events are identified and actively anticipated, enormous costs can be saved and sometimes eliminated, such as:
- Out of Pocket Funds Required to Purchase a Business from a Co-Owner
- Estate, Income, and Gift Taxes
- Accounting, Legal, and Litigation Fees
- Human Costs such as Contention, Lack of Control, and Chaos
Succession planning will eliminate a crisis. Reasonable expectations can be clarified and established boundaries can be set; timelines can be established.
We strategically plan for your eventual business exit by:
- Identifying Your Succession Planning Desires and Objectives
- Establishing Methods for Valuing a Business
- Identifying and Evaluating Succession Strategies Consistent with Your Desires and Objectives
- Drafting Legal Documents Required to Implement Your Succession Plan
- Funding the succession plan
- Reviewing, Monitoring, and Updating Your Plan on an On-Going Basis
Buy, Sell, and Succession Services
- Buy/Sell Agreements
- Succession Strategy
- Insurance Funding of Succession
- Exit Planning
- Retirement Planning
- Disability Planning
- Passing Business to Heirs
- Employee Stock Option Plans
- Sale of Business
- Stock Redemptions and Purchases
- Protection of Business Ownership in the Event of Divorce, Bankruptcy, Death of an Owner, etc.