Plan For Your Succession

Business Succession Plan 

Succession planning for your business is all about creating a strategy and plan for someone to own or run your business when you no longer want or are able to do so. Whether you plan to pass the business on to a family member or sell it to a business partner, employee, or other buyer, passing on the control of your business to someone else can be complicated. Let us help you put together a business transition guide as part of your long term business plans. This can help ensure that that the transfer of the business goes as smoothly as possible.

Why Should I Have a Business Succession Plan?

Having a thorough business transition strategy can help you overcome issues that may arise when the time comes to transfer your business. Planning for your succession can help:

  • Ease the transition by ensuring the successor is prepared to take on the running of the business.
  • Ensure that your retirement plans are on track.
  • Find optimum ways for your business to passed on to heirs if that is your plan.
  • Prepare your business for unexpected events.
business succession

Important Things to Consider When Creating a Business Succession Strategy:

Do you intend to pass the business on to a family member or sell it? Is this part of a retirement plan or your estate plan? There are different things to consider depending on when and how you exit your business. If you decide to pass the business on to a family member, timing can play a big factor in the tax implications and how you handle that transfer.

If you intend to sell your business, getting your company in tip top shape is key to getting the most out of your business financially. If you need help getting your business prepared to sell or any other business consulting services, we can help!

How much is your business worth? Conducting a business valuation is a good idea whether or not you intend to sell it. Knowing how much your business is worth can help you plan for your retirement, evaluate tax implications, and even help attract investors or possible buyers.

Is your successor prepared to run the business? Training future owners can be a critical step in the success of the business long term and will help the business stay intact through the vulnerable transition time.

Let us help you answer all these questions and more with our succession planning services.

Our Blog – Read the latest tax news

Strategy: Hire Family to Create Tax Benefits

Strategy: Hire Family to Create Tax Benefits

July 9, 2020 ... As you know and have likely experienced, many small businesses have been hurt by the COVID-19 crisis.  Making smart moves right now can help ensure you emerge from the COVID-19 crisis and its aftermath a winner. In this article, we explain why one...

Tax Notes: Tax Day Around the Corner

Tax Notes: Tax Day Around the Corner

July 2, 2020 ...   We wish you a happy Fourth of July and as  we celebrate Independence Day with BBQs, fireworks, family and friends, let's remember the words of Oliver Wendell Holmes, "One flag, one land, one heart, one hand, One Nation evermore!" Ours is the...

PPP Loan Deadline: June 30, 2020

PPP Loan Deadline: June 30, 2020

June 23, 2020 ...   If your business is struggling and you didn't apply for the Paycheck Protection Program (PPP) loan, there is still some time. The application deadline for the PPP loan is June 30, 2020. And, as of last Tuesday, some $130 billion in PPP loans...

Ready to come in for an appointment?

Fill out the form below or give us a call at (541) 326-0993.

What our Clients are saying

I started using Brian many years ago, beginning with financial planning. After my initial experience, I decided to begin having him prepare my taxes as well, since they go hand in hand, and because my taxes could be quite complicated. Brian brings the perfect combination of ethics and legalities together for the best interest of the client. I am thoroughly satisfied.

Jason Kretzer

Brian came highly recommended, and he surpassed our expectations as an experienced professional. In addition to being a brilliant CPA, he is a kind man who genuinely cares about his clients.

Lynn Roussell