Keep or sell? An accounting professional specializing in business succession planning can help you investigate the pros and cons of both so that you can make an informed decision.
Who will mind the store? Company owners are not necessarily involved in the management of the business. It is possible to transfer the responsibilities of management to an outside party or to only one of your heirs. Once you make the decision, you will need to determine levels of authority.
Avoid the tax drain. The complexities of inheritance tax demand careful consideration by a seasoned professional to help minimize the tax assessment. Some options, such as trusts, require the services of both an accounting professional and an attorney.
Divide it fairly. Equal divisions are not necessarily fair divisions, especially when one party carries a significantly larger level of responsibility. An accounting professional can advise you as to how to compensate that party for carrying the added burden of management.
Accounting Services. When you have made your decisions about each of these issues, an accounting professional can help you formalize your succession plan based on business valuation, business structure, tax options, and projections for your retirement.
Contact us for a consultation to learn how we can help you preserve your business and pass the torch of leadership when the time is right for you.