Transition Planning

Transition planning is a lot like estate planning.   It is preparing a business for the time when its owner or owners will no longer be around.  The process of building, managing, using and protecting and transferring the business to new owners is something Gary and his team specializes in. Eventually every business is passed on.  Whether the business is passed along to a family member or you are selling to a buyer and fellow entrepreneur, you need the guidance of your accountant.
 
The transferring of leadership, assets and employees needs to be dealt with in a proactive and planned manner. You will need to develop each component.  This includes the positioning of all aspects of the business as well as the changeover in leadership.  You will need to envision what the details look like and how they will play out amongst everyone involved.
 
If the transition is within the family it is important to consider family dynamic.  How will employees be communicated with about the transition? It is prudent to have forethought about what it will mean for each of them.  Deciding whether the owner will still receive an income from the company or whether there will be a complete separation is an important thing to consider.  Maybe you will no longer receive compensation from the company, but you would still like to have a hand in decision making.   The options for how to structure the transition are endless, but it is important that everything is clear.
 
At Numerico PC they take their small business clients and their needs seriously.  Consulting with their small business clients on a regular basis is very important to them.   Gary and his team would like to help your transition planning and execution to be effective. With their experience, they will aid you in a streamline transition whatever your parameters and wishes may be. They can assist in the early planning, execution and completion of the changeover.  Ensuring your provisions and the future financial needs of you and your family are taken into account.
 
Although they cannot guarantee the productive life of your business for years to come, they will help you to create an exit strategy to keep you comfortable during your retirement years.  No one can know the future, and that goes for your business too.  However, regardless of how your transition would look to a family member, to an independent party, or even an employee – business transition planning helps a business owner gain greater control over their direction. As a business owner it is an ongoing goal to have peace of mind that the future of one of your most precious assets is taken care of!