Spotlights > Succession Planning
Succession Planning
Passing On What’s Taken a Lifetime to Build
The toughest management challenge an owner will ever face is orchestrating his or her own exit from the company. Change can be difficult if the current owner becomes disabled, dies suddenly, or retires leaving no clear line of succession or exit strategy in place.
No one likes giving up control of their business, but business owners must realize that sooner or later they will, in fact, do so. Succession planning lets them keep control by deciding how they will pass it on.
A good succession plan will help your business survive. Don’t leave your business’ future to chance. The decisions you make today will affect many of the people you care about for generations to come. Take the time to do it right—get the advice of outside, objective professionals and start your planning now.
We not only focus on your goals… our succession planning services are designed to address key issues such as: minimization of taxes; company leadership; equality and fairness; and family control.
The main financial issues in succession planning are taxation and funding. TBG provides assistance to these ends with a combination of consulting delivered by CPAs Certified Financial Planners and attorneys; and asset protection products such as life insurance, individual disability insurance and disability overhead expense insurance delivered through Bonadio Financial Services.
Keep in mind that any financial planning for the business will have a direct affect on your estate. Careful consideration should be given to the estate and gift taxes associated with transferring your business interest to family members.
The Bonadio Group can play an instrumental role in defining these pitfalls and helping minimize the possible transfer headaches.
For further information on Succession Planning, call us at (800) 487-7624
or contact us.
