Business transition planning is designed to help you retire with a sustainable income, as well as transition your business on your terms and timeline. It can include creating entities to protect your personal wealth and assets, consolidating entities to clarify your business functions and ease transitions of ownership, gifting, creating a sales plan, and creating a long-term family transition plan, including planning for any potential transfer tax (sale, gift, or estate).
It is important to proactively discuss tools for liability protection, transferring assets to third-parties or your family, providing for everyone in a fair manner, and generally transitioning to a sustainable retirement lifestyle in your future. The goal is to conduct an analysis of your needs and preferences, as well as advice regarding the different types of planning options to create a plan tailored for your peace of mind. This ultimately gives you control and reduces future costs and time of administering your estate.
Owning a business comes with a lot of responsibility. You are responsible for your family and your employees. When you are an owner rather than an employee, there are no guaranteed paychecks, insurance, or retirement benefits. Instead, business ownership brings the excitement and satisfaction of creating something unique. The daily work and excitement of running a business does not necessarily account for retirement income, transfers to the next generation of business owners, or providing equitably for non-business family members or friends. Our goal is to take the time to listen to you, and create a plan that protects your goals and values and eases the transition while avoiding costly legal fees that could diminish your business and estate after your death.