What are the keys to successful business succession planning and when should you start? If you own a business, from an LLC to a large multinational corporation, you should have a succession plan in place. The unfortunate fact is less than 20% of California business owners have actually implemented a written and legally documented succession plan. What will happen to the company you’ve invested your time, money and sweat to build if an unforeseen accident or health emergency hits? According to the Family Business Institute only 30 percent of businesses successfully transfer to the next generation.
Allen Barron integrates business, legal, estate and tax planning to serve as a one-stop business succession resource. You no longer have to turn to 3 or 4 outside professionals to accomplish a successful business plan. We help you at every step of the way, from the legal documentation and trust planning to managing the tax and accounting required during transition. It is important to work on your succession plan, regardless of where you may be in the process. Our experienced business, legal and tax professionals help to ensure a smooth transition which can change and evolve over the coming months and years as your business continues to grow.
Our clients value our candid direct approach as we guide discussions regarding the transition of assets and management control. Are your heirs prepared to take the reins? Will it be necessary to hire an interim manager or management team to keep the business running smoothly and profitably until the next generation is genuinely prepared to step in? What is your exit strategy? The rapidly developing business environment in today’s global economy means you must be prepared to make decisions quickly and efficiently. If a larger company approached you with an offer you couldn’t refuse is your company prepared to be acquired? This process alone can require months if not more than a year to complete.
The keys to successful business succession planning are to begin immediately and work to ensure a plan is completed, involve your spouse and family in the discussions and work with the experienced business, legal, tax and estate planning team at Allen Barron who make the process easy through our integrated professional service offering. You’ve worked hard to build your business and want to protect the legacy you pass on as well as your options for retirement. We invite you to contact us or call 866-631-3470 for a free consultation.