Succession
planning is an opportunity to create financial
security for your family and a legacy for you.
With expectations properly set, you give family members the information
they need to pursue a career in your business, or find another career
that best suits
their needs.
4. Clarify your intentions
When you communicate your succession planning intentions with thoughtfulness
and sensitivity, you can better guarantee family peace, business
productivity and a smooth transition to new owners and managers.
Once you have your plans in place, your family and key employees
can then decide on their own futures and what’s best
for them.
5. Minimize your future tax liability
When building a business, the assets attached to your name are a
way to keep score and keep you financially comfortable. Having too
much in your name when it comes to inheritance taxes is a problem
and should be mitigated with the guidance of tax and law professionals.
If businesses pass to other family members without consideration
for taxes, the taxes due on those transactions can put the family
ownership and cash flow of the business at risk.
6. Chart the next
chapter of your career
Now imagine the time, freedom and financial security to pursue
other dreams you might have. Whether it is another business start-up,
traveling with grandchildren, being a hospital volunteer or walking
cross-country, you can do it when you have your business succession
plan in place. You can get on with the rest of your life, whatever
it might be, knowing that you left your business – and the world – in
better shape than when you started.
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