Business succession planning is the process through which new owners are identified to replace the current owners when they leave, retire or pass away. New owners often include internal people, either employees or family members, to fill the important positions in the company.
Transferring A Business To Heirs
A revocable trust is the most efficient means to transfer a business upon passing of an owner. There is minimal delay and almost no court involvement in the process which makes the transition easier. The selection of a successor trustee that acts swiftly and is capable of handling a business sale is very important in this regard.
Reasons To Create A Business Succession Plan
Setting up a business is hard work. Having a succession plan in place makes it easier for the people you leave behind to either sell the business profitably or continue the business long after you are gone. People can step in and take care of pressing matters after your passing to keep the business running, and avoiding confusion and obstacles in it’s continuation.
Essential Components Of A Business Succession Planning Program
Finding the right people, laying down clear guidance on who is in charge and who gets the business and having enough liquidity are essential components of a successful business succession plan.
Business Succession Planning With Knollmiller & Arenofsky, LLP.
Our law firm, Knollmiller & Arenofsky, LLP, has a tax attorney that looks at the tax implications of a business succession plan. Taxes are an important part of the plan and having qualified tax attorneys to help is extremely beneficial.
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