Building Life Plans, One Client at a Time

Business and Succession Planning

When you’re ready to retire, what will happen to your business?

If you’re like most business owners, you’ve already started thinking about what will happen to your business when you decide to retire, or just move on to the next step in your life. But have you begun planning for this transition?

Whether you’re starting a new business or transitioning an established one, the most important thing you can do is to weigh all of your options long before making a move. We can help you do this.

Are your children interested in taking over your business, and are they capable of running it? Is that an equitable way to pass on your assets? Do you think your employees would want to buy it through an employee stock ownership plan? Would your partner want to take over your interest? What about selling it to an outside party?

You’ll need to consider the pros and cons of each of these exit avenues. For many owners, the most important thing is to maximize the net amount they realize from a business transition. For other owners, however, it may be equally important to make sure that the business remains healthy and that their employees are well taken care of.

If you start planning at least a few years ahead of time, you can take steps to increase the value of the business and assemble a team of professionals to execute a successful exit. You will have time to investigate the tax ramifications of the options available to you so that you will have the structures in place to make sure your business yields the most it can for you and your heirs.

For us, your business is an important part of the financial picture that we consider when helping you create a life plan.