Don’t Limit Your Options — Start Your Succession Planning Now
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The key attributes necessary for starting and growing a successful business often run contrary to developing an effective succession plan. That “never quit” attitude and drive to grow can make it difficult to pause and think about when it’s time to transition, and considering the right people to take over your vision and team can be hard.
The key to action is harnessing what made your business something worthy of continuation in the first place. Beginning discussions now can be a strategic business advantage over companies that don’t have a plan.
Consider possible advantages of starting early:
• The foresight that comes from understanding what a successful transition looks like for the business and you
• Time to understand available options (don’t be limited by timing), match them to your overall goals, and enhance value (e.g., internal/external sale, ESOP, private equity)
• Clarity of the process for your leadership team, business partners, and community that count on your business
To begin, gather a team that has experience with the full succession process.
They can help answer some vital questions:
• Are your financial statements in order?
• What is an estimate of your current company value?
• How could current tax liability and potential tax changes impact your plan?
Begin planning your succession now. Implementing a practical plan with an experienced team of professionals can help bring financial peace of mind to you, your family, and your employees.
The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting, investment, or tax advice or opinion provided by CliftonLarsonAllen LLP (CliftonLarsonAllen) to the reader. For more information, visit CLAconnect.com. CLA exists to create opportunities for our clients, our people, and our communities through our industry-focused wealth advisory, outsourcing, audit, tax, and consulting services. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.