Succession Planning
Succession Planning
You’ve put years, if not decades, into building your business. So, it’s understandable that you want to make sure that should you retire or otherwise leave for whatever reason your business is left in the right hands. For many people, their succession planning involves giving your responsibilities to a family member or trusted employee.
What Are the Goals of a Well-Crafted Business Exit Strategy?
The purpose of a succession plan is two-fold: it exists to protect you and to protect your vision for the business after you leave. To protect you, your plan should help you make a profit on the investment you’ve made in the business. Your plan should also help limit your tax obligations so you can fully enjoy said profits. Ultimately, a succession strategy is crafted to protect your hard work.
For the business, a succession plan is needed to provide continuity after you exit. It can help organize your business and protect it from potential estate taxes or legal fees due to your absence. A proper business exit plan will help ensure sustainability so that your employees and investors can continue the success that you’ve created.
How Can Scheffel Financial Services Help?
At Scheffel Financial Services, Inc., we can formalize and document your succession plans and goals. To provider better insights into the legal and financial aspects of the plan, we can also refer you to a CPA or attorney. By working together to craft your succession strategy, we can help keep your business stable for those who rely on it.