I want my kids to take over the family business.
Business succession planning is a process designed to assist the business owner to transition out of business and transfer ownership of business at the time of retirement while maximizing the business owner’s personal financial security.
Addresses all eventualities including the possibility of death, critical illness or disability of a business owner.
Who does this apply to?
- Key Person
- Buy Sell Arrangement
- Business Loan/Overhead Risk
What are the benefits?
- Value of your business can represent a substantial source of income in retirement, therefore proper succession planning can ensure that the risks to your lifestyle in retirement is minimized.
- If your hope is to have your business continued by one or more family members, then you will likely need to coordinate your business plan with your estate plan and explore any tax deferral opportunities.
- Any unforeseen events could lead to problems in your business without proper planning. Advanced planning can ensure that you, your business and family are protected.