Business Succession Planning
When considering business succession planning, here are some questions to seriously consider:
- Would your business survive if you’re no longer here?
- What would happen to your business if you were incapacitated or unable to communicate?
- In an emergency situation, would your family or staff know how to operate the business, access critical business accounts, process orders, pay bills, and pay your employees?
- If you decided to retire next year, could the business survive without you and your expertise?
Succession planning is a process and failing to plan to transfer your business to a family member could result in extensive financial losses and hefty estate taxes for your heirs. At BST, we can help you establish a succession strategy that will preserve your family’s wealth, as well as the future of your business.
Our business succession planning services are geared to closely-held business owners and family-owned businesses. We can help you prepare for the future, including:
- Expansion plans
- Fringe benefit planning
- Designing qualified plans
- Profit-sharing plan administration
- Executive compensation planning
- Incentive compensation planning