What is the importance of succession planning for San Diego business owners? Why should you be concerned about the development and implementation of succession planning if you own a business or a significant interest in an LLC, S Corporation or C Corporation?
Your business is a valuable asset, perhaps the most valuable asset you control. It is not only an income producing venture, your company is a legacy that you can leave to your heirs and beneficiaries. You have poured your life’s work into the business. Doesn’t it make sense to protect that company and position it to seamlessly transfer to your designated beneficiaries or to ensure its ongoing successful operations if you become incapacitated or in the event of your passing? This is the importance of succession planning for San Diego business owners.
Your San Diego business succession plan should include planning for incapacitation or the death of a principal. Your succession plan should identify a specific successor and/or the process for transitioning the company or positioning it for sale. Should you move your company into a trust? Trusts may be used to divide assets between heirs and beneficiaries or perhaps your company’s employees if you so desire.
Let’s discuss the trust and estate planning strategies required to protect your business, reduce taxation and provide for your financial retirement needs. What do you ultimately intend to do with your business? If you intend to sell it instead of passing it on, what is the best way to structure the ownership interest to minimize taxation, while preserving the maximum amount of wealth for the rest of your life and for future generations?
The experienced professional team at Allen Barron provides a unique blend of professional services in a single source. We invite you to learn more about the integrated tax, legal, accounting and business consulting services of Allen Barron and contact us or call today to schedule a free consultation at 866-631-3470. Learn more about the value and importance of succession planning for San Diego business owners.