Business Succession Planning
Most business owners should consider a Succession Plan. Less than 30 percent of businesses make it to the next generation according to the Family Business Institute.
The goals of a Succession Plan…
- Orderly transition of business
- Create certainty
- Value is pre-determined
- Tax efficiency
- Avoid liquidation upon a death or disability
- Create a market for the business (buyer)
- Obtain full value for heirs
A Buy/Sell Agreement* is a legal document which helps assure that buyers and sellers will receive proper value upon a triggering event. Your Financial Advisor can be your facilitator.
- Creates a market for the business
- Assists you in valuing your business
- Creates certainty for employees, customers, suppliers, etc.
- Avoids heirs relying on future income of business
* This is a legal document and must be prepared by a lawyer.