Preserving a lifetime of hard work and passing it along to the next generation is a difficult process. Many businesses fail to effectively transition ownership from the first generation to the next because owners neglect to prepare for this transfer.
There is a direct correlation between a business owner’s personal financial preparation and the successful transition of their business (often their most valuable asset). The likelihood of success is heavily influenced by the extent to which these complex issues are integrated. Building wealth outside of a family business is critical to any business succession strategy.
Business Succession Strategies
- Properly structured and funded buy-sell agreements
- Key employee succession and retention
- Ownership transfers
- Access to business valuation services
"The best time to plant a tree was 20 years ago. The second best time is now."
-Chinese Proverb
Financial advisors do not provide specific tax or legal advice. This information should not be considered as specific tax or legal advice. You should consult your tax or legal advisor regarding your own specific tax or legal situation.
