Business Succession Planning
When developing a succession plan for your business, you must make many decisions. Should you sell your business or give it away? Should you structure your plan to go into effect during your lifetime or at your death? Should you transfer your ownership interest to family members, co-owners, employees or an outside party?
The key is to pick the best plan for your circumstances and objectives, and to seek help from financial and legal advisors to carry out this plan.
Common business succession planning objectives
- Ensure smooth, seamless transfer of ownership
- Transfer business to next generation
- Ensure business continuity
- Retire with income source
- Minimize gift and estate taxes
Related links:
- Retirement Planning Options for Business Owners
- Retirement Plans for Small Businesses
- Business Succession Planning
- Selling Your Business
- Gifting Your Business