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Ensuring Financial Security
If you plan to transfer ownership of your business, you will want to ensure the financial security of your retirement as well as the continued well-being of your business. Some common reasons to create a succession plan include:
| • | You want to minimize both income and estate tax. |
| • | You plan to retire but have no immediate successor. |
| • | Your designated successor needs more training to operate the business effectively. |
| • | You are not financially independent of the business and your successor does not have the financial resources to acquire your ownership interests. |
| • | You have children working in your business and children working outside of the business and you are in a quandary about to whom the business should be transferred. |
Proper planning for business succession will ensure the continuation of operations with minimal disruptions. Because of our financial and business expertise, the professionals at PDR are capable of creating an all-inclusive plan for successfully passing your business to the next owner.
The Planning Process
Planning for business succession usually begins with a preliminary evaluation. To gain an understanding of your business and to determine whether the succession plan will meet the objectives of your business and its owners, we will research the history and operations of your business. The engagement will consist of many activities, including client interviews, reviews of financial statements, tax returns and other relevant documents. These documents may include trust agreements, wills, shareholder, buy-sell and partnership agreements.
Our role is to help you, the business owner, select a solution that satisfies your objectives and provides for a means to continue the enterprise.
Four Stages
There are four basic stages involved in developing a business succession plan. When our professionals create a plan, they utilize their business and financial acumen to create a plan that is both workable and economically feasible. The four steps include:
| 1. | Fact finding |
| 2. | Developing alternatives for succession |
| 3. | Communicating findings |
| 4. | Recommendations and implementing the succession plan |
