Business Succession Planning
Regardless of what lifecycle your business may be in, business continuity and succession planning should be considered well in advance of any event or circumstance that may affect it.
A business succession plan helps to ensure that regardless of expected or unexpected circumstances, a smooth transition of business can occur, and full value for your business can be reached. Succession planning should include the long-term goal of retirement, and should also focus on unexpected events and contingency planning.
A predetermined exit strategy can help:
- Build equity value well before you transition the business
- Ensure continuity of service for your clients, customers and other stakeholders
- Provide for an efficient transfer of business to the party of your choosing
- Allow you to retire on your schedule
- Time your exit to maximize value
- Minimize the tax impact
- Help remove emotional decision-making
- Eliminate the risk of a fire sale
- Provide career-path opportunities to existing associates and/or elevate key employees to owners
- Coordinate with your personal estate plan to minimize estate taxes
- Plan for the unexpected
Our advisors works with business owners and executives to identify and develop key positions and talent, conduct a business valuation analysis, and develop comprehensive succession planning strategies that help you better manage your workforce and minimize business risks.