Are you thinking about turning the page on your business, this year?
The New Year is often a time of planning and reflecting on the future of your business, as well as your own financial future. The issues of succession and exit planning are complex and intertwined. Understanding the risks and opportunities they present will better inform your goals, as well as your potential to achieve them.
Succession planning revolves around the needs, objectives and continuity of the business, focusing on the transfer of leadership from one generation to the next. The process typically identifies potential successors, creates opportunities for them to develop leadership skills and experience, then defines a transition plan for the organization.
Exit planning revolves around the personal needs and goals of the business owner. While it includes the succession aspect of leaving your business, it also focuses on a wide variety of issues that are important to you – including current and future financial planning, reducing tax liabilities and achieving the successful transfer of your business.
Succession planning is key to the longevity of a company, but it is only one piece of a comprehensive exit plan. Working with an experienced professional will help ensure that the succession plan for your business fits neatly into your overall exit plan.
Please contact us with any questions.
LWBJ and Craig Damos Consulting will present on Succession & Exit Planning at TAI’s CEO Forum in April. More information to come.