Business succession planning can help you prepare for the unexpected, provide for an income stream even if you are not actively operating the business, plan and prepare for the future transition of ownership, and realize residual value for your family. For those who have built successful small businesses, many may not have ever given thought to who would operate your business if you were unable to.
A good plan helps owners and employees, as well as their families
Having a succession plan allows you to choose your successor. Someone to operate your business with same care and concern as you. More importantly, a well thought out succession plan will preserve business value, reduce uncertainty and mitigate risk, preserve institutional knowledge, and facilitate future growth. Your business may be your pride and joy, but in financial terms, your business is an income generating asset. For your family, the income produced by your business can help sustain them long term. Whether you want to sell the business and retire, or pass it to the next generation, a succession plan can help you establish the value of your business and pass that value to your loved ones.
A business succession plan should coordinate with your estate plan.
Business succession planning is an important part of your overall financial well-being and a key component of a family estate plan. A succession plan will establish the transition of leadership, the transfer of business interests and assets, and guide your business into the future. Optimally, your plan coordinates with the goals of your personal estate plan. If you’d like to discuss your options as a business owner, please call us at 813-961-2802.
Estate Law 2 Go, PA.
Planning for your peace of mind.
