Succession Planning
Everyone who starts a new business will one day exit from that business. Succession planning is the organized approach to an exit strategy that begins from day one of the business. Unfortunately, few business owners and entrepreneurs consider an exit strategy until it is much too late.
When people think of succession planning they think of the most obvious situation of a parent passing a family run business to an adult child. However, succession planning is much more than that and proper planning at a very early stage can ensure that your exit generates the greatest financial return possible. This is true even for the sole owner with no saleable goodwill. Everyone needs an exit strategy that guides their short and long term business planning to maximize your return.
Every business decision is an investment decision that will either add or subtract value. That's where we can help. The experience we have gained from our many years working with or as business owners gives us a depth of knowledge and understanding of the needs of a business. Our philosophy is a combined approach that aims to maximize value and minimize tax expense.
We work with our clients on succession on an ongoing basis, providing advice on how to:
- increase the value of your business
- prepare it for an intergenerational transfer
- prepare it for sale to employees or third parties
- build and extract wealth tax efficiently when a sale of goodwill is not possible or practical
If you would like to discuss succession planning or just obtain a second opinion... then call us, we would be pleased to share our success with you!
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