Succession planning follows a process that is customized for each client. However, the following areas are covered in every succession plan:
Planning for business succession usually begins with a preliminary evaluation. To gain an understanding of your business and to determine whether the succession plan will meet the objectives of your business and its owners, we will research the history and operations of your business. The engagement will consist of many activities, including client interviews, reviews of financial statements, tax returns and other relevant documents. These documents may include trust agreements, wills, shareholder, buy-sell and partnership agreements.
Our role is to help you, the business owner, select a solution that satisfies your objectives and provides for a means to continue the enterprise.
In addition to your own goals, we address these key issues:
There are four basic stages involved in developing a business succession plan. When our professionals create a plan, they utilize their business and financial acumen to create a plan that is both workable and economically feasible. The four steps include:
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