Succession Planning For Business Owners
Why Do You Need Succession Planning?
Just as families must plan and prepare for transitions from one generation to the next, so must businesses.
You have spent a lot of time, money, and energy building up your business, what do you want to happen to it after you are gone?
Whether you have decided that it is time to move on to another business, time to retire, or you are considering what will happen after you pass away, it is vital to start thinking about that transition now.
Often we put your ownership interest in your revocable living trust so that it can pass as part of your estate. That solves the ownership/control issue, but it does not solve the problem of finding someone to take on the key tasks that you currently perform for your business.
To ensure that your business continues well after your exit, we typically employ various tools.
Succession Tools We Often Use:
- Buy-Sell Agreements
- Promotion internally
- Life insurance to allow employees to purchase the company
- Partnership buy-outs
- Locating possible partners for a merger
- Placing ownership in trust
To learn more about which tools would work best for your business call us at 503.641.6262 to schedule an appointment.