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SUCCESSION PLANNING
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Planning for your business to run smoothly if you’re not there helps make sure your family and employees are taken care of if something unexpected happens to you and it significantly grows the value of your business (likely your largest asset) if it doesn’t.
Emergency/Unplanned Transition
Orderly Liquidation
Legal Transfer of Ownership
Temporary Leadership Plan/Search
Proactive/Planned Transition
Develop Successors
Gap Analysis
Maximize Business Valuation
Sometimes transitions happen unexpectedly. Things like death, disability, bankruptcy, or divorce of an owner can cause priorities to change & if there aren’t plans in place for what happens to your business things can get messy and expensive.
We’ll guide you through the process of making sure that if anything unexpected were to remove you or another owner from your business, everyone you care about today would be treated fairly.
We’ll bring in other professionals like attorneys or insurance agents depending on your goals, but ultimately we’re responsible for making sure all the pieces fit together.
For business owners nearing retirement the topic of succession is unavoidable, but it often makes sense to begin planning as early as an owner has a sense of direction about when they’ll eventually exit.
We’ll work with and coordinate a team of professionals to manage several, often-competing, priorities that include:
Picking and preparing a successor
Determining a fair business valuation
Drafting purchase agreements
Evaluating financing options
Weighing tax impacts of different methods
The impact of doing this correctly can be as dramatic as several hundred percent more money the owner takes home after the succession is complete.
Want to better understand your options in designing a business succession plan?
Proudly serving clients in Johnson City, TN, and the Appalachian Highlands with personalized financial strategies.
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