Business Succession Planning
The retirement of death of a partner or major stockholder in a business can have a devastating effect on both the value of the business and the departing partner’s ownership interest. A carefully planned transition incorporates cash flow and liquidity issues, taxes, and retirement income for the departing partner/owner.
Buy-Sell arrangements, with signed documents, are key to the effective transfer of the entity. These arrangements secure the financial needs of the family and help to ensure the continuation of the business. Succession planning requires a team approach and should include the financial advisor, the accountant, and the attorney. Along with being part of your team, we will be able to refer you to the other professionals that are needed for your arrangements.