Successful transitioning of your business to family members can mean the difference between being financially sound for life or potentially losing the value of many years of hard work. Many family-owned businesses do not survive the transition from founder to second generation. They fall prey to either tax consequences or family discord. Developing and implementing a succession plan is essential to the long-term success of the business you’ve worked so hard to grow.
Succession planning is also required where there is no likely family successor in the business. At some point in time you are going to need to exit the business, through retirement or sale. Succession planning covers the key steps to prepare the business for that moment.
It is important that individual and business requirements are discussed and carefully considered within the succession plan. We understand that “letting go of the reigns” is very difficult for family business owners who have been actively involved for many years. Our approach helps to make this process as smooth as possible, with a focus on the future success of the business.
Should you wish to discuss your succession plan with us please call 83384100.