Is your business prepared for succession? 10 questions to ask
What is a business succession plan? It is a comprehensive road map to successfully exit a privately held business either through sale, transfer to key employees or transfer to family members.
The plan that is developed needs to address all of the issues that can maximize value in a sales transaction, address a smooth transition in an employee transfer situation and build all of the necessary stop gaps for transfer tax minimization in the family business arena.
Whether the goal is to “polish the apple” and sell the business for maximum profit, transition the company to key employees in a “win-win” situation or minimize estate and wealth transfer costs by gifting the family business to various members of the family – a business plan needs to be developed that addresses all of the above possibilities.
See Is your business prepared for succession? 10 questions to ask, by James A. Anderson
Tags: succession planning
