Business Succession Solutions

As a successful business owner it is imperative that you address the issue of succession planning.


What is a succession plan?

A succession plan is the identification of the most effective method for transfer of management, control, ownership, knowledge and skills of your business when you no longer want to, or are no longer able to run it yourself. It also protects your business from external attack.

The transfer can be to your children or to a non-family member, and should be structured based on your circumstances and goals.

It is also important to understand that it is possible to pass ownership of your business on to your children without also giving them control.

 

What are the benefits?

All family businesses benefit from a properly drafted and implemented succession plan. Without proper planning, you and your family may be faced with unexpected emotional and financial stress. The final result may not be what you want, and the transition process will be complex and probably very expensive. Most important, with a good plan your business will continue and will stay intact.

A secondary benefit a good plan is that it can strengthen your business structures and protect them from attack from external sources.

 

Will I lose control?

No,

A successful succession plan is always structured so that you retain complete and absolute control over your business for as long as you want.

 

What will I need to do?

Step One: Define your goals

First, decide what you would like to happen to your business when you are no longer around to run it. Consider what should happen if you unexpectedly die. It may also be that you are interested in retiring or partial retirement at some time in the future.

If appropriate, discuss your plan with your family members.

Step Two: Speak to us

Once you have decided what you want, it is time to discuss your options with us. We will need some information about your business and a clear idea of your plans. We will use these to help you weigh your various options and structure your plan in the best way to minimize costs and tax.

Your first meeting with us is free of charge.

Step Three: Create the plan

Once we have presented you with the various options, you will need to decide which option is best. We will then create a succession plan to facilitate the future transfer.

This plan may include preparing documentation to reorganize the financial or corporate structure of the business including incorporating companies, settling trusts and transferring real property.

Step Four: Implement the plan

Finally, we will assist you in implementing the succession plan.

 

When should I start?

Now.

Ideally you should start planning for the succession of your business as soon as possible to ensure that any future transfer of your business can be structured so that it best benefits you and your family.

Generally speaking, the more time you allow to implement your plan, and allow the new structures to settle, the better.

To get started, just contact us.  Our initial consultation and exploratory meeting is always free of charge.

 

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