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Business Succession Planning

Detemining Needs and Goals

Identify your personal and business objectives, assess the financial needs of your business, and understand your personal financial requirements. This includes evaluating the worth of your shares, ongoing income needs, and potential needs for capital.

Controllable Events

Plan for controllable events like sale or retirement. Evaluate who to sell the business to (family, employees, or an outside party) and prepare for retirement, considering financial needs and tax implications.

Uncontrollable Events

Address uncontrollable events such as divorce, illness/disability, or death. This involves planning for the implications on business shares, ongoing income needs, and the overall impact on the business.

Comprehensive Agreements and Legal Planning

Ensure you have an estate plan and a buy-sell/shareholders’ agreement in place. These are essential for a comprehensive succession plan, addressing legal and financial aspects.

Professional Team Support

A professional team, including a financial advisor, succession planning specialist, insurance specialist, lawyer, and accountant/tax specialist, is recommended for effective succession planning.