Tier One | Succession Planning
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Succession Planning

As a business owner, you’ve spent your career building and running your business successfully. Now you’re faced with deciding on a successor.

Retirement. Family. Legacy.

 

No one goes through the work, risk and sacrifice of starting a business without hoping it will last. Building value that endures is the dream that motivates entrepreneurs. Yet in many businesses, too little of that work goes into determining who will take over when the founders leave the stage.

 

Succession planning is really about planning for the next phase of the family business and the next stage of life. The saying “It’s never too early to start planning for the future” is never more true than when thinking about succession. The decisions you make will affect your business, employees, customers and most importantly your retirement and family.

Succession planning process

Objectives

  • Keep the business in the family or sell to a third party
  • Plans for retirement and cash flow requirements
  • Need for ongoing control to ensure cash flow requirements
  • Retention of key people
  • Identify successors and the most effective ways to transfer the business to the successor(s)
  • Determine how to “equalize” for business vs. non-business children

Fundamental considerations

  • Keeping versus selling the business
  • Transferring business to next generation
  • Structure the transaction
  • Retaining key executives
  • Equalizing among heirs
  • Liquidity planning beyond life insurance

Communicating to parties involved

  • Develop communication strategy
  • Formally communicate plan to family
  • Ensure retirement plan is put in place
  • Ensure active and non-active participants in family business have been addressed
  • Ensure all stakeholders have been properly addressed

Succession Planning Services

  • Implementation of the Succession Planning process
  • Business succession planning
  • Retirement and cash flow planning
  • Assistance with Investment and Portfolio Management
  • Domestic and cross-jurisdictional tax minimization strategies

  • Trust planning, including safeguarding assets, reducing probate fees, and holding shares in a family-owned company
  • Will planning and review
  • Asset disposition planning
  • Charitable gift planning

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Tax

Tax regulations are continually changing and impact your business. Success is not pre-packaged and neither should your tax strategies.

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Accounting & Advisory

Decision makers require information to develop the strategies that provide direction for your business. We help ensure you have timely, meaningful and reliable information and then assist in analyzing that information.

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Mergers & Acquisitions

Business owners have unlimited choices to make every day. When thinking about transactions – buying, selling, expanding or restructuring – can be overwhelming and often more questions arise after making your initial decision. Our team creates a clear roadmap.

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Succession Planning

Succession planning is really about planning for the next phase of the family business and the next stage of life. The saying “It’s never too early to start planning for the future” is never more true than when thinking about succession.