thinkBIG ... Succession Planning
For most privately owned and family firms, succession means planning for the sale of your business or handing over control to other family members when you retire.
It may include realising assets, as well as retirement and estate planning. Some complicating factors which we will explore in this report are inflated real estate prices, blended families, tax and family law.
In this report, we not only look at the details for a successful succession plan, but we also take a look at timelines for the best execution of a succession plan.
Your personal five-year plan.
A hastily cobbled together last-minute succession plan can have substantial costs in terms of tax, your relationships and increase stress.
Getting it right requires time, so it is essential to start planning for the future handover of your business today.
How to value your business
Valuing your business is an important part of succession planning. The value of your business is not just cashflow and bricks and mortar but includes goodwill, intellectual property and other intangibles.
A starting checklist includes:
Relevant relations and complicating factors – family law and taxes
Family law issues and the tax consequences that follow may not be a primary consideration in succession planning but may be relevant in circumstances where there is an intention to retain assets – like farmland – within a family bloodline, or where the business is family-owned.CONTINUE READING >>
Start a conversation with an experienced business advisor who is ready to help you achieve your business goals.