What will happen to your business when you are gone?
You work very hard to create a successful business, so don’t let it crumble when you leave. Succession planning is developing a strategy of how to ensure the business continues when you exit. If there is more than one owner of your company, it may include a buy-sell agreement. Your succession plan determines who will take leadership and/or ownership of the business when you leave.
Our expert accounting team gives you the personal attention required to understand your concerns about succession planning.
Important questions often considered during the process include:
- Who will be your successor?
- What is the value of the business?
- What can help to ensure a smooth transition?
- How will your departure affect key business relationships with major customers and suppliers?
- How will your leaving affect your personal estate plan?
- Do you need to consider active and non-active family members connected to the business?
- How much income do you need to retire from the business?
Delaying succession planning puts your business at risk. It’s easy to delay when everything is going well or you are swamped with the work of growing your business. However, not only will a succession plan help in a disaster situation, it also prevents transition problems by proactively addressing needs and concerns of all parties involved. Succession planning strengthens relationships, often increasing the sense of responsibility among family members and/or employees to keep the business going strong when the business owner leaves.
Over the years, we have helped many businesses in the Bay Area put realistic and achievable succession plans in place - and update them when necessary. We can help you exit your business with the foundation laid for its continued success.
Contact us today to learn more about succession planning.
