Business Succession Planning
Interest in a privately held business is often the most significant asset held by a business owner. As such, transferring ownership to the next generation, or creating a viable exit strategy, provides a unique set of opportunities and challenges.
Creating value through succession planning is a key aspect of retirement planning for entrepreneurs. Their business may provide a key source of retirement income, a foundation for future entrepreneurial endeavors, or a legacy for future generations.
Having a succession plan in place will help ensure the efficient transfer of your business, but it also offers valuable benefits today. Customers, employees, suppliers, and other stakeholders will have greater confidence in the stability of your business if there is a succession plan in place.
We can work with you and your advisors to:
- Clarify and prioritize your goals.
- Develop a succession plan.
- Manage the implementation and any risks of the plan.
- Determine the fair market value of your business.
- Identify and mentor the firm’s next generation leaders.