As a business owner, it is quite likely that a significant portion of your personal wealth is tied up in your business, and at some stage, every family owned business must be transferred. While an unplanned transfer, especially if caused by death, could be disastrous for your business, it could also be a potential nightmare for your family.
Business succession planning seeks to manage these issues, setting up a smooth transition between you and the future owners of your business. With family businesses, succession planning can be especially complicated because of the relationships and emotions involved. If you have partners, it is particularly important decision to make.
There are many planning strategies business owners can use to transfer a business, and selecting the right one is key to ensure continuing success for your company and security for your family. We provide experienced and practical advice that will integrate your family estate planning and retirement planning needs to maximize the value of your business and enable it to meet future needs.