One of the toughest things faced by the business owners today is succession planning in family businesses. Preparing for one’s post retirement (or even death in some cases) agendas is never easy, but, it is important nonetheless. The complexities involved in succession planning are numerous. The matters are further complicated by the involvement of emotions, favoritism and relationships.
Succession planning becomes important in family business because it helps to:
Amongst siblings, sometimes one is not interested in investing his/her time and energy into the business but is interested in the monetary value of it. Then who should get how many shares of the business and why becomes very difficult to decide. We understand such complications and patiently work with you towards a healthy and harmonious solution.
For a successful succession planning one needs to not only identify the potential successors, integrate them into the business and supervise their development but one also needs to be aware of the exact value of the business at present and the estimated value in near future. We help you with the valuation of your business. We also help you in the restructuring of your business for better planning. We give you the advantages and disadvantages of keeping your business in the family or selling it and help you make a profitable decision. We care about your money and help you minimize the tax toll when it comes to succession. Projecting taxes is never easy and in succession planning it becomes even difficult due to the involvement of various aspects. We help you project your taxes efficiently so that you are not penalized nor end up paying more.
We ensure that you relaxed about your business after your retirement.