Business succession planning
If you are planning to pass along your business to the next generation, here are some strategies that can help
Business succession planning
If you are planning to pass along your business to the next generation, here are some strategies that can help:
- Determine which child is most interested and most capable to lead your business. Once you’ve made your decision, have your chosen successor gradually take on more responsibility and meet key business contacts at least five to 10 years before you transition out. Let your chosen successor lead the succession plan, as this often results in a more successful transition.
- Create a financial plan incorporating strategies such as Individual Pension Plans, an estate freeze to minimize taxes, a shareholder’s agreement, and insurance to cover unforeseen events or fund buy-sell arrangements.