Succession Planning: Secure Your Legacy Through Business Succession Planning
"Despite the fact there are a myriad of items to analyze and sort through, from current business trends, how to best structure the transaction, tax implications and of course finally making decisions on direction, Barbara was always more than willing to discuss the options. Moreover, she waded through all the information while always keeping the personal goals of both the buyer and the seller in sight. "
Jeanna Merrifield
Cape Canaveral Shrimp Co.
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What is a business succession plan?
For a small business owner, a business succession plan is an exit plan. It means making the necessary preparations to ensure continuity of the business whether for the next generation or an outsider. It also means converting business equity into cash when needed.
Who needs a business succession planning?
If you are a small business owner, you need a succession plan. Just as you need to create a business plan before you start your business, you need to implement a succession plan before your departure.
What are the benefits of the business succession planning?
With business succession planning you can:
- Find solutions that serve your interests best
- Enjoy your retirement
- Plan the cash flow for you or your heirs
- Identify opportunities for greater business efficiencies
- Flag potential business problems
When preparing a business succession plan, consider:
- What is the nature of your business
- Number of owners/shareholders
- Age and health of owners
- Financial condition of owners
- Value of your business
- State laws
- Your personal goals
- Your financial plan and estate plans
- Possible heirs and successors
- How to reduce tax liabilities upon your exit
- Contingency plans should the succession business plan be accelerated by disability or death
- Possible options for business transfer: can it be transferred? To whom, when, and how?
- If selling the business, the source of buyers’ cash
When should I start my business succession planning?
As a business owner, you need to have a business succession plan now. You should start implementing a succession plan three to five years before the changeover.