Succession Planning

Succession Planning for Your Business

Everyone who starts a new business will one day exit from that business for various reasons. Succession planning is the process of developing an exit strategy to maximize your financial returns and should be considered from day one of the business.

Unfortunately, few business owners and entrepreneurs consider their exit strategy until it is too late and waiting generally results in paying higher taxes or working longer.

When you hear the term succession planning, many entrepreneurs automatically relate this term to a parent passing a family run business to an adult child. However, succession planning is more than that and proper planning at a very early stage can ensure that your exit generates the greatest financial return possible at your desired time.

At Beaumont Elder, we take a proactive approach to succession planning.

By working with you and your business on an ongoing basis and understanding your constantly changing financial objectives, we will develop and implement a succession plan for you to preserve your present and future wealth. An effective plan will also ensure that when you want to exit, it will be possible.

With careful planning and preparation, organizations can manage the changes that result from a generational transfer of leadership as well as the ongoing changes that occur regularly when key employees leave an organization.

We can provide advice on:

• increasing the value of your business
• preparing the business for an intergenerational transfer
• preparing the business for sale to employees or third parties
• building and extracting wealth tax efficiently