Using a Team Approach for Your Business Transition
Successful business transitions require a wide range of expertise. The business should be valued. It may be necessary to grow the business before the desired sale price can be achieved. The owner will need financial planning both prior to and after the transition. There will have to be planning done to minimize the tax consequences of the transfer as well as future estate taxes. There are risks of premature death and disability that will require insurance. No one advisor can reasonably be expected to provide the expertise in all these areas. Owners don’t have the expertise, and worse, they don’t know what they don’t know. Successful business owners are likely to be too busy running the business to effectively orchestrate a transition. Business owners need a quarterback to orchestrate a transition.
The Business Legacy Strategies team recognizes how critical it is for business owners to plan an exit strategy. We understand the nature of closely held businesses and will assist the business owner with the creation of a liquidity event in the exit of their business.
