Building a business is the one of the hallmarks of the “American Dream.” Business succession planning helps you transition after the dream is achieved and are selling the business, or perhaps you are on the road to retirement.
As a business owner, you’ve worked hard over the years, and it wasn’t easy. You’ve saved every penny you could. You’ve incurred, paid, and managed business debt. You’ve sacrificed so much to sustain your business, and you’ve reaped the rewards by seeing it grow over time and enjoy success.
We understand how important it is that your business continues on after you retire — but this brings along with it a number of financial concerns. This is where business succession planning plays an integral role.
What is business succession planning?
There’s quite a few considerations you’ll need to address before you turn your business over to a new owner, and this is a core component of business succession planning. This is true whether the business is staying within your family and transitioning to a family member — or if it’s being transitioned to business partners or a corporation. Allen & Company financial advisors know business, and they know the Florida communities in which they live and work (Lakeland, Winter Haven, and the Space Coast.)
Some questions our advisors will help you answer while creating your business succession plan:
- How many more years do you plan to own your business?
- What are the tax implications of selling your share of the business to family or another company?
- How should you structure payouts?
Your legacy lives on.
Allen & Company’s financial advisors collaborate with specialized attorneys to assist you in creating a proprietary succession plan. We’ll help you outline the future of your business for the years to come to ensure its health and legacy continues.