Skip to content

May 6, 2014

Business Succession & Estate Planning

Our experience has led us to believe that your Business Succession and Estate Plan is as unique as your finger print.  To help you build your complete Business Succession and Estate Plan, our process is designed to work with you and your professional advisory team to:

  • Understand your current situation
  • Establish and clarify your goals
  • Identify opportunities and concerns
  • Evaluate and choose the appropriate solutions
  • Implement the plan
  • Monitor the plan over time

Working with you and your other professional advisors, we can ensure that your “plan” is tax effective, cost effective and has the greatest opportunity for success.  We help you choose the right tools to make your plan work.

Through our planning process, your Business Succession and Estate Plan will be designed so that, the right people will get, the right assets, at the right time, for the right reasons.

 Why Succession Planning?

  • 8 out of 10 businesses are owner/manager businesses.
  • Representing about 50% of the GNP
  • Often more than half of small business owners’ assets are in their business.
  • Older “baby boomers” own a disproportionate number of small businesses.
  • 1/3 of business owners plan to exit in the next 5 years.
  • 2/3 of business owners plan to exit in the next 10 years.
  • Only 10% of owners have a formal written succession plan.
  • 38% have an informal (unwritten) plan.
  • The remaining 52% have no plans at all.

Family Business Add Another Layer of Complexity

65% of business owners have not even discussed succession planning with their kids

70% of family businesses never make it to the second generation

90% never make it to the third generation

The Benefits of Creating a Business Succession and Estate Plan

  • Peace of mind (no family conflict)
  • Smooth transfer of assets on death.
  • Reduce taxes.
  • Increase value of business.
  • Positive impact on business long-term viability.
  • Increase value of estate.
  • Provides certainty of outcome.