Services: Succession | Retirement | Estate Planning (SuRE)
Have you ever considered what comes next? Do you have a succession plan for your family business?
Deciding when and how to leave the business you’ve spent years trying to build is never easy. Business owners often defer this decision until much later, given the difficulties and complexities of such an undertaking and the need to focus on the day-to-day running of the business. However, effective planning for what comes next should ideally start five to ten years before you think you’ll want to leave or sell. That’s where we can help.
Succession planning is a formal statement of what will happen to the management of the business when the owner is no longer running it. Consider it to be a will for the business.
A number of important questions need to be considered, such as:
- When do you plan to retire and how do you feel about retirement?
- What are your plans for retirement?
- Have you considered to whom you would sell the family business, such as: family members, a group of employees, a competitor or another third party?
- What is your business worth?
- What are the tax implications of selling the business?
- What are your financial needs going to be in retirement?
The six key benefits to implementing a succession plan for your business include:
- Ensuring the continuity of your business
- Building a legacy to pass onto other family members
- Providing for heirs and the funding for your retirement
- Enabling an orderly transition
- Avoiding possible disputes
- Preparing for contingencies
Crowe Soberman has created a team of specialists in audit & advisory, tax, and business valuations to form what we call SuRE Services for Family Businesses Group. Contact us today to learn more about the specific services we offer in succession, retirement and estate planning.