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Business Succession Planning

Business Succession Planning

What does Business Succession Planning mean? 

Well, actually, it’s complicated. Business Succession Planning is one area where the answer can vary significantly from person to person.  Your individualized goals are not necessarily going to look anything like someone else’s.  This is because Business Succession could mean:

  • Trying to transfer ownership of a family business to the next generation of the family.
  • Wanting to reward key employees and limit their ability to leave the company.
  • Selling the company outright to a third party for the maximum valuation attainable.

As you can see, three wildly different goals, but all encompassed under Business Succession Planning.  Our process for working with business owners, allows us to help you identify what you really want to accomplish and then effectuate that change. We do this by first sitting down with you and having a deep conversation to determine what is important. There is no one size fits all solution. Next we document and diagram what your current default plan looks like.  Usually this is pretty eye opening and acts as a catalyst to beginning implementation of something different.  We then take what we know about your goals and current situation and design a business succession plan specific for you.  Once we have crafted your plan our involvement in implementation can be as active or inactive as you choose.  Whether that is continuing to act as a sounding board or quarterbacking you through the full transaction.

Our goal is to bring clarity, focus, simplicity, and efficiency to your business transaction, through a process that enables you to create a well-structured plan aligned with your vision and goals. This is done by a team with decade’s worth of experience in diverse backgrounds such as business succession, tax, and estate planning.

Your Savant Private Trust team will consist of the following in-house professionals:

  • Attorneys
  • Certified Public Accountants
  • CERTIFIED FINANCIAL PLANNER™ Professionals

These individuals work with you to ensure that your business succession plan accomplishes whatever your individual goals may be, including:

  • Allowing you to only concentrate on the parts of the business you enjoy
  • Proving a stable continuity of management for both your employees and customers
  • Maximizing your potential payout from the sale
  • Finding a buyer that is the best fit for your business culture
  • Minimizing potential taxes for you and your family
  • Helping you reward and fairly treat key employees and family
  • Making sure you leave a legacy within both the business and community

Schedule a call to learn more about the path to your ideal future.