Succession Planning
Succession planning is one of the most important responsibilities any business owner must face. Failure to live up to this responsibility could result in millions of dollars of lost wealth for current and future generations. Statistics show that fewer than 1 in 3 family businesses survive to the second generation and 1 in 10 make it to the third. These odds point out the necessity of good, solid, succession planning. We are here to offer our succession planning services to those businesses that see the need to keep it going for the good of their families and future generations. The transfer of wealth and core family values must be the responsibility of the business owner. If not him, who else? The Succession planning services we can provide are:- Designing strategies for the timely transfer of the business
- Develop alternatives for funding the transfer of ownership control
- Determine the owner’s retirement needs
- Design programs for the development of management candidates
- Develop estate planning strategies minimizing estate taxes and allow for the orderly distribution of the owner’s estate
- Plan for estate equalization especially to those not active in the business
- Develop key employee retention plans
- Structure compensation plans for business continuity
- Facilitate design of buy/sell agreements
- Develop strategic plans for future business success
