Succession planning is an uncomfortable discussion, especially for young business owners. Some of them do not want to imagine that they might never be strong enough to manage the business. Others dread the very idea of demise or disability. Our role is to understand your daily operations and use the information to design a solution that would work correctly for your future business plans. We engage our clients regularly to ensure that they have plans of estate tax management and succession. Your business should be capable of outliving you.
Hence, an active transition timetable is required, but your vision should be integrated into the process to ensure that it is smooth. These uncomfortable discussions are worthwhile, necessary for the successor, and extremely valuable should the unexpected happen. Rest assured, all the essential players, including the business partners, family members, and the employees, will be involved. It is because your welfare affects their financial stability as critical stakeholders.
In succession planning, you have several options to look at, including: