Business Succession Plans

Business Succession Planning is the process by which an individual or individuals successfully transfer their business, often times to another family member to allow that third party (family or otherwise) to succeed in ownership. In undertaking a business succession plan there are numerous legal as well as emotional concerns which need to be addressed. As always there are concerns with respect to taxation, with proper transfer and properly securing the transfer. Additionally there are retirement concerns of the seller; cash flow concerns of the buyer to complete the transactions, the continued management of the business, and the overall effect of the transaction on all parties Estate Plans. A properly planned business succession plan can be a win/win situation for both the buyer and the seller wherein taxes can be minimized, and the transfer can go smoothly from both parties standpoint.