Business Succession Planning

You’ve spent years, maybe decades, building your business. Now what?

The answer depends on what’s important to you and what you want out of your business and life. Most people want to use what they have built as a retirement plan or at least see their business live on after they have taken up crossword puzzles as a full-time gig.

A lot of business owners avoid succession planning, thinking that it will take too much work and will be expensive. But getting any kind of retirement out of your business is going to take some legal planning. Without a plan, you stand to lose a lot. In fact, some business owners simply can’t afford to retire without a well thought out plan in place.

Depending on the type of business and the goals of the business owner, a succession plan may involve a transfer of assets, a buy-out by a key employee, or a structured gift to the next generation of family members. We’ll discuss your goals, analyze your business, and help you design the right plan for you and your business.

Don’t leave the legal work to the last minute. Planning ahead is important. Many succession plans take 3 to 5 years from the time the plan is put in place until the business owner has successfully transitioned out of the business. Want to retire sooner than that? Give us a call and we’ll see what we can do.