Business Succession Planning
The depth of our knowledge and experience is matched by our desire to see our clients succeed.
A succession plan is a comprehensive plan for transitioning your business from the current ownership and management structure to one in which your personal retirement objectives are in place.
A sound succession plan addresses diverse topics including retirement, transferring wealth to your heirs, transitioning management responsibility, income and estate tax consequences of various transactions, and the plan's financial effect on your business' continued operations. Addressing all of these issues is a coordinated process involving you, your family, personal advisors, and key management team.
The following 10-step methodology suggests a logical process for devising and implementing an exit strategy:
- Identify and prioritize the owner's goals
- Identify and prepare the management successor
- Determine the owner's post-retirement cash needs
- Review options for funding the transfer
- Plan for ownership succession
- Identify methods for transferring ownership
- Integrate the succession and estate plans
- Develop an implementation strategy
- Design a contingency plan
- Monitor and adjust the plan
Our process brings the systematic approach needed to develop a succession plan for your business. Let the journey begin!
Contact Dave Berry today to plan the future success of your business.