FAQs

Setting your short-term and long-term goals, as well as determining your liability protection needs is the key to executing a plan. With those goals in place, you can focus on income, investment, and retirement options, as well as developing individuals to take on key roles within the business. Further, you should create a working plan for ongoing business activities. If you were unable to manage your business, would anyone have the knowledge to pick up and continue the business? A written operating manual including trusted advisors can be very helpful.

You should be seeking to create and implement your goals. For example, determining if you want to sell to third-parties or transfer to family creates different planning options. Regardless of the ultimate ownership of the entity, your personal goals will also factor into the plan. For example, will your business support you retiring by your mid-fifties, or will you need work to longer? Do you want to keep your business longer? If you sell the company, will the price allow you to invest and live off the profits for a full life in the manner you prefer? If you ...

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Every business has unique needs and requirements. That can include specialized location requirements, inventory, key clients, and/or employees. In addition to the unique needs and requirements of the business there are unique needs and goals of you as the owner. You may desire to transfer your business to family members, sell the business to third-parties or employees, and create an income into retirement. Each goal will require a slightly different plan for your future. Working with attorneys in combination with your financial planner and tax expert will allow you to determine your business goals and how to meet them. ...

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A business transition plan provides goals and strategies to transfer your business, allowing you to manage your future in a way that works best for you.