What Is Succession Planning?
You may be actively involved with your business today, but eventually, there will come a time when you need to hand over the reins to someone else. Ideally, that will happen by choice, such as when you retire. However, you also need to consider what could happen if you suddenly can no longer run the business due to serious illness or death.
Succession planning involves preparing a business for new leadership when the owner is gone. It addresses critical elements of ownership transfer, including the handling of assets and employees, to ensure everything goes the way you want, and the company carries on without you.
How Can Succession Planning Help My Legacy?
When you put your heart and soul into developing a successful business, the last thing you want is for it to fall apart after you’re gone. Numerico helps ensure this doesn’t happen with succession planning to secure your legacy. Whether you pass the business on to your family or sell it to an external buyer, we’ll help with the details to support its longevity and continuity.
Taking time to develop this plan now protects your assets and ensures that key stakeholders, including your family and employees, don’t have to untangle the complications you left behind. The plan provides a smooth transfer to a new owner on your terms, addresses financial and tax implications, and prevents unpleasant surprises that tarnish your legacy.
Who Is Succession Planning For?
All business owners, regardless of the size of their company, need a succession plan. Not only does taking the time to create an exit strategy help ensure the ongoing success of the business, but it also helps ensure that you have the financial stability you need after retirement.
Typically, succession planning includes:
- Designating a new owner or leader of the company
- Determining whether to sell the company and to whom
- Completing a valuation of the company
- Uncovering strategies to manage tax and legal implications
- Identifying key milestones in the plan and addressing evolving objectives
Ultimately, if you plan to pass your business on to family, succession planning prepares the company and its new leader for a seamless transition.
What Is the First Step to Succession Planning?
Succession planning begins by defining the goals for your business after your retirement or death and identifying how to make them happen. Do you want to completely separate from the company or continue to contribute to operations? What is your ideal vision of the company in the future when you’re gone?
Working with Numerico helps you clarify your goals by assessing your current situation and what it will take to get where you want to be. We provide personalized and professional advice relating to every aspect of the succession plan, including:
- The value of the business
- How to restructure the business
- Tax projections and consequences
- Your retirement needs and projections
How Does Numerico Help
By working with Numerico for succession planning in Livonia, MI, entrepreneurs can develop tailored strategies to secure their legacy and their companies’ futures. As experts in small business accounting, our services focus on helping local companies thrive. We take small businesses seriously and provide ongoing support and consultations to keep the succession plan on track.
Numerico’s comprehensive succession planning services include:
- Managing internal transfers to family members or associates
- Preparing for and executing the sale of the business
- Overseeing business restructuring
- Managing the financial and tax implications of the ownership transfer
- Providing tax advice related to gift, estate, and trust taxes
- Planning for retirement
Numerico’s experts help you address every detail of the succession plan.
Numerico | Helping You Leave Your Business Legacy
Numerico is proud to serve the Livonia, MI, community with comprehensive accounting and small business support services. Our keen understanding of the local market and the needs and expectations of our community make us a top choice for businesses at every stage. Count on us for tailored financial planning, business management, and succession planning guidance.
Even if you are nowhere near retirement age, you can’t afford to leave your business’s fate to chance. Contact Numerico today at (734) 359-7811 to begin the succession planning process.
