Do You Want to Keep the Legacy Alive?
Whether you’ve already achieved sky high success with your business or if you’re still on the way up, you don’t want everything to unravel when you step back from the helm. At some point you may want to retire, shift to part time, or you may face your ultimate life transition but you want your business to survive.
Family businesses can be passed on to siblings or the next generation if the agreements and legal documents are in place in advance. Often times owners are too busy focusing on the present moment to plan for the long term future or the unexpected accidents.
And many proud business creators have seen their companies change personality completely after the founder leaves.
What can you do to help ensure successful transition that is in line with your values?
Planning for Succession
Thompson CPA can help you to review and decide the best course for your business so that you can keep the organization funded, assigned, and planned.
Key considerations include the tax implications of ownership equity change, asset liquidity and cash flow following ownership changes, existing loans, liens, and obligations, whether to pass the torch of leadership to family members, employees, or outside people, whether to sell, how to structure new ownership, business valuation, future potential, and your personal wishes and desires for legacy.