Succession Planning
Succession planning is a formal statement of what will happen to the management of the business when the owner is no longer running it. Consider it to be a will for the business.
A number of important questions need to be considered, some of which are provided below:
- When do you plan to retire and how do you feel about retirement?
- What are your plans for retirement?
- Have you considered to whom you would sell the family business: such as family member(s), a group of employees, a competitor or another third party?
- What is your business worth?
- What are the tax implications of selling the business?
- What are your financial needs going to be in retirement?
There are six main benefits to implementing a succession plan for your business, which include:
- ensuring the continuity of your business;
- building a legacy to pass onto other family members;
- providing for heirs and the funding for your retirement;
- enabling an orderly transition;
- avoiding possible disputes; and
- preparing for contingencies.
At Soberman LLP, our Succession Planning Services offer a framework for helping you develop a practical succession plan. We can help you pass on what has taken you a lifetime to build. Your plan is customized to meet your personal and business goals that reflect your values.
For more information on our Succession Planning services, please contact any one of the professionals listed under "Key Contacts" to the right.