Contingency/Succession Planning
This can be an uncomfortable thing to think about, but as responsible business owners, we must. We all know an unexpected turn of events could precipitate a transition of ownership and possibly business disruption or even failure. And even if everything runs smoothly, at some point you may want to step back from your role as business owner.
So, how do you create a plan that safeguards your business should the unthinkable happen and that gives you a viable exit strategy for the long term?
That’s where I can help.
There are many advantages to establishing contingency and succession plans:
Your business
- Business value is established, and purchaser(s) identified.
- Continuity is maintained for customers, employees, and creditors.
- Assures your shares (or your partners’) won’t transfer to an unsuitable owner.
- A properly structured plan may provide tax efficiency.
- A funded plan provides capital needed to buy shares.
Your family
- Establishes a ready market for your business interest.
- Facilitates orderly transition.
- Buyout proceeds can provide liquidity for debt, living expenses, taxes and
potentially an income stream for you and your family.
Together with your CPA and attorney, we’ll create a strategy that helps safeguard the smooth transition of your business. We’ll talk about such things as who should take the reins, how to facilitate an efficient transfer of your business interest, and what we can do to ensure your family receives a fair price for your business, should they need it.
You’re running your business now. I’ll help you plan for the future.