Business Succession Planning
It takes a lifetime to create a successful business, but it can easily be destroyed if you do not properly plan for your succession. This crucial juncture is where many family businesses fail to make the transition from the first to second generation. Avoid this trap, which can destroy your business, by starting to create a succession plan now. Creating this plan is not necessarily fun, but it is a step that will protect your business, wealth and assets long after you have gone.
Business succession planning is a valuable tool that can enable the orderly transition of a business and provide the liquidity that is needed for the payment of a deceased owner’s estate settlement costs and taxes. The goal is to design a plan that will meet the expectations and hopes of the business owner. Often the most important goals are to keep the business and family together.
Business succession planning will help to keep your successful business afloat. Many family business owners want to continue their family ownership of the business. Unfortunately, only a small number of businesses survive to the second generation. A good succession plan can allow a business owner to pass the business on to family members, while also minimizing taxation. A variety of strategies can be used to pass on the business. The tools that are available should be used to form a cohesive overall strategy for ownership and management succession.
Cross-Border is made up of a highly trained team of professionals who have the expertise to appropriately handle your succession planning needs. Our Business Succession Planning services include:
Advising on the common succession techniques
Designing and implementing successful strategies
Using a succession plan to achieve your business goals
Determining what your business is worth in the market
Advising on a variety of strategies that you can use to pass on the business to a successor
Drafting and using buy-sell agreements
Exploring tax-efficient options for the succession
Managing difficult family issues