Preparing for Tomorrow, Today
As business owners ourselves, we know that planning for the future of your business is not always just about the numbers. A lifetime of hard work, discipline, and service can be very rewarding, but the most difficult part is developing an exit strategy that rewards you for years of hard work and risk while taking care of those who helped you along the way.
You make many decisions every day as a business owner. Decisions that demand your attention and can’t wait; decisions about vendors, customers, services, products, financing, cash flow, and personnel. The list goes on and on. Those decisions are obvious and they walk right in your office or your inbox. There are other decisions, however, that lurk in the shadows and don’t demand your attention. These decisions are important to the long term future of the business but also affect the future of your family. Decisions like what will happen if I become incapacitated or die unexpectedly? What will happen to the business at my retirement? Are there family members that have the capacity and the desire to run the business? Should I sell the business and, if so, to whom should I sell it and at what price? If I sell the business, what happens to the people who contributed to its success like employees, partners, and suppliers? How will I deal with estate taxes?
When the time comes to exit your business, there is no room for mistakes, and there are no second chances. A successful exit should be centered around your goals and what you want to accomplish. It should be completed on your own timeframe, not someone else’s. Whether you plan to transition your business internally to a family member or employees or sell to an outside buyer, we can help you develop an exit plan that will address your goals in a tax-efficient way.
Preparing for the unexpected is part of good planning. Our business succession planning services help you prepare for an orderly continuation of the business by asking all the right questions and making sure everyone agrees with and understands your plan. It’s about so much more than just the sale price.