Business Succession Planning
Business owners undertake succession planning for a variety of reasons. You may want to retire in a different location for climate or family considerations, or you have received an offer to buy your business, or you want to pass your business along to your children. Or maybe you will continue working, but you want the business to extend beyond your lifetime – and want to minimize the estate taxes the IRS may impose on your hard-earned gains.
Reasons for succession planning go beyond protecting a successful business: the death of a partner or co-owner, divorce, pressure from family members or others who may want you to retire, or your own health. Your company might not be performing well, your competition is at an advantage, or you are simply tiring of all the time and energy your business demands on you emotionally or physically.
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