One of the most critical components of your family and business planning is that of succession. Many business owners establish companies and estate planning but do not prepare themselves for the ‘what if’ scenarios in life:
- I want to retire?
- I want to sell my interests in the company?
- A death in my family occurs?
- I become disabled?
- I am sued?
These events can happen and when they do, it is too late to put in place the necessary protection to ensure your business and personal objectives are achieved. Succession Planning provides for the orderly and desired transfer of your business and other assets upon the occurrence of a life event. If these events are identified and actively anticipated, enormous costs can be saved and sometimes eliminated, such as:
- Out of Pocket Funds Required to Purchase a Business from a Co-Owner
- Estate, Income, and Gift Taxes
- Accounting, Legal, and Litigation Fees
- Human Costs such as Contention, Lack of Control, and Chaos