But what happens if your time runs out before you expected? Is your family or your partner prepared to take over in your absence?
A business succession plan is more than just a will, although a will is an irreplaceable component. If you have partners, will they be able to come up with the cash required to purchase your share from the estate? Are you grooming successors to take your place?
Every business is unique. A good succession plan takes that into account and is crafted specifically to meet your needs. We work with other advisors you may have to achieve your goals.
Without proper planning, the business may have to be sold to meet the liquidity needs of the family. Sometimes the ownership of the business and the management of the business go to different people. For example, management may go to non-family members or ownership may be transferred to non-family members. Other times, ownership and management of the business remains within the family. Whether the family business remains with the family or not, there are often significant estate tax and income tax considerations which impact how the succession plan is to be designed.
Our succession planning advice can help you maximize the success of your business both today and in the future. It can also protect you and your heirs against losses from unexpected illness, death, and taxation.
Here are some questions to think about when getting ready to create your succession plan:
Yes No To Do
Planning and Preparation Phase
1. Do you have a written business succession plan that addresses
both your business and personal goals? ( ) ( ) ( )
2. Have you considered a timetable and monitoring process? ( ) ( ) ( )
3. Have you considered unplanned events such as critical illness or
premature death? ( ) ( ) ( )
4. Have you identified a buyer and/or successor for your business? ( ) ( ) ( )
5. Have you determined the value of your business? ( ) ( ) ( )
6. Are you aware of the different ways you can transfer ownership
of your business and the tax implications of each? ( ) ( ) ( )
7. Do you have specific retirement and estate goals that have been
addressed? ( ) ( ) ( )
8. Do you want to remain involved in your business after
retirement? ( ) ( ) ( )
9. Have you established a transition team and defined roles and
responsibilities? ( ) ( ) ( )
10. Have you included your family in planning discussions and
reviewing options? ( ) ( ) ( )
Feel free to contact us if you ever have any questions
Email: greenifintech@gmail.com
Tel. : +603-89120293 / 010-2174860
Fax : +603-89203870
"Ensuring your business continues even if you don't..."
