Have you thought about your need for business succession planning? A good succession plan for any business will ensure a smooth transition from one owner to another.You may not anticipate the need to sell your business, at least not anytime soon. However, one day this may occur due to many reasons, such as retirement, ill-health or other commitments. Or, you may simply feel it is time to move on.
What does business succession planning involve?
A good succession plan outlines who will take over your business when you’re no longer at the helm. It is important that this plan is both well-thought-out and documented in advance. If you have run a family business, you should pay even more head. Thinking ahead can avoid complexities that crop up with tax-transfer. Not only that, you’ll be able to take care of differing family interests in a clear and straightforward fashion when ownership is inevitably transferred.
Benefits of proper business succession planning
There are many benefits for a business and for a business owner in planning strategically for an orderly transition of management or ownership. These benefits are:
- Survival and growth of the business or its assets under the current structure, or after-sale or restructuring.
- Preservation of harmony when the business is family-owned.
- Reduction or elimination of estate and income taxes.
- Facilitation of retirement for the current leadership generation.
- Ability to retain control of the process instead of having someone else make the decisions.
Plan for the future of your business today
We can walk you through the expected process in your business succession planning. Your initial consultation is cost-free and comes with advice is that is obligation-free. Contact us today.