Succession planning is like estate planning, but for your business. It is preparing a business for the time when its owner or owners will no longer be around. The process of building, managing, using, protecting and transferring the business to new owners is something we are experienced in. Every business is passed on at some point. It may be to a family member or an unrelated professional in your company. Either way, you need the guidance of an accountant.
The passing of your business could be planned, as you choose to retire or step away. Unfortunately, it can also be sudden…in the wake of disability or unexpected death. The transferring of leadership, any assets and employee resources needs to be dealt with. It is best to handle these in a proactive and planned way. We will consult with you to plan out and position each aspect. It may be hard, but you will need to envision what this will look like. How will this play out among everyone involved?
Succession Planning – Where to Start
If the transition is within the family, it is important to consider your family dynamic and how it may change. How will employees be communicated with about this? Imagine what you would feel like in their shoes. Deciding whether you as the owner will still receive an income from the company or whether there will be a complete separation is an important factor. Maybe you will no longer receive a paycheck, but you would like to have a hand in decision making or sit on the board. The options for how to structure the succession are endless. The important thing is that it’s clear.
We take every small business seriously. Consulting with our clients on a regular basis is very important to us and our true focus. With our experience and knowledge, we will guide you in planning a streamlined transition…whatever your parameters and wishes may be. We can assist in the early stages, execution and completion of the changeover.
In the case of an owner, we cannot guarantee the productive life of your business for years to come. However, we will help you to create an exit strategy to keep you comfortable during your retirement years. No one knows the future, and that goes for your business too. Business succession planning and development helps a business owner and executive gain greater control over their direction.
You deserve peace of mind that the future of your business has been taken into account and is taken care of!