Business Succession Planning & Exit Strategy Services
When you decide to sell your business, you face many questions and challenges: What is my business really worth? How do I structure the sale of the business, from both a legal and financial perspective? What is my tax liability and how do I minimize it? Do I have enough money from the business sale to retire?
We help you create a financial plan that will enable you to maintain your lifestyle after the sale of your business. With 25 years of experience in counseling business owners, and as business owners ourselves, we can help you formulate a practical succession plan for your business.
What is a succession plan for business?
Business succession plans are useful in a number of ways for many small business owners. The first is to answer questions and have a plan of action if there is a sudden death or sever disability of the owner. The second is if business partners no longer get along and they decide to part ways. The last is when the owner is beginning to think about closing their business or selling it to either a family member or other business professional. Essentially it is a plan for any transition of business control or ownership.
The importance of business succession planning
Whether you plan to sell your business to a family member, another business professional, or simply close shop, business succession planning is crucial for the legacy of your business (and your retirement).
- Simplifies the transition to the new successor of the business
- Provides guidance to the future leadership of the business
- Outlines how to manage debt upon sudden death or severe disability of the owner
- Minimizes tax consequences of any transfers of ownership
General Steps to Developing a Business Succession plan:
- Choose your Successor
- Train your Successor
- Set a timeframe for when the plan will be executed
- Plan YOUR Retirement
- Execute the Succession Plan
The Shakespeare Difference
When you choose to work with Shakespeare during the process of selling your business, you’re not only receiving advice for selling a business, but the future of your well-being long after your business is sold. The team at Shakespeare is always looking out for your best interest on how to provide you peace of mind after a large financial decision is made.
- Working together: The sale of a business requires the close coordination of your financial advisors. We serve as your “financial quarterback,” coordinating with your CPA, attorney and insurance professional to ensure your business value is maximized. Through collaboration, you win.
- Fee-Only Advising: Our Fee-Only Model promises you will always receive pure, honest advice with no influence from commissions or referrals.
- Local Advising Experts: We live in the same communities as you, are a part of the same Lake Country events, and enjoy the same local cuisines. This makes us more familiar with the overall business landscape and market value the area brings.
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