No business owner wants to see his or his company fall due to an unforeseen event or conflict, especially after countless years of hard work and sacrifice spent building the company. Pandemics, retirements, accidents, and untimely deaths can wreak havoc on business operations and families if succession plans have not been made. Business succession planning helps to protect the present, while preparing for the future. Crafting a path to accomplish shared goals between shareholders, family, and the business itself can save money and prevent future headaches for all parties involved.
There are several factors that business owners should consider when addressing their business succession plan:
- Survival and growth of assets
- Maintaining enterprise value
- Family protection
- Tax ramifications
- Future visions for the business
- Continuity for clients and employees
- Employee ownership in the business
- Development of leadership skills
- Potential growth of the business
Creating a business succession plan helps a business avoid scrambling to keep their doors open and ensures the business owner’s family is provided for and the business thrives into the future. It also relieves stress and financial burdens in the case of an emergency. Succession planning can feel overwhelming, but it doesn’t need to be. Having a team of experts, including a CPA and an attorney, provide guidance on business succession planning can ensure that your business and personal interests are protected. Let Lynn Jackson help you. Contact Kraig Kronaizl at kkronaizl@lynnjackson.com
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