Succession planning is the process of determining how you are going to transfer your business ownership and transition out of a business management role, while maximizing your personal financial security.

The value of your business may represent a substantial source of income in retirement. Proper succession planning can ensure that risks to your retirement capital are minimized as you approach the end of your career.

A poor management transition plan can have a negative impact on business results, and can even result in business failure.

An unforeseen event – such as the death or disability of you or a business partner – could lead to business chaos without proper planning and financial protection. Advanced planning can ensure that you, your family and your business are all properly protected.

If you hope to have your business continue by one or more family members, you will likely need to co-ordinate your business plan with your estate plan.

Families whose wealth is generated chiefly by a business enterprise face a range of specialized problems. Our personal and succession planners complete the firm’s mission in serving businesses by:

• Advising on agreements to restrict transfers or allow or require redemptions and cross purchases in order to assure continuity in management and succession to control.
• Consulting entrepreneurs about the uses of employee stock ownership plans in connection with succession of management and ownership.
• Designing and implementing plans that limit values subject to gift, estate, inheritance and generation-skipping tax such as:
  • Transfers of interests in the firm that take advantage of established discounts for lack of marketability and lack of control.
  • Sales of interests to trusts for the benefit of others without causing taxable capital gain or interest income.

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