Business Succession

Sooner or later, everyone wants to retire. But if you own a family business, retirement isn't just a matter of deciding not to going to work any more.

Besides ensuring that you have enough money to retire on, a number of questions arise:

• What happens to the business when you're no longer running it? 
• Who's going to manage the business when you no longer work the business?
• How will ownership be transferred? 
• Will your business even carry on or will you sell it?

Succession planning seeks to manage these issues, setting up a smooth transition between you and the future owners of your business.

With family businesses, succession planning can be especially complicated because of the relationships and emotions involved - and because most people are not that comfortable discussing topics such as aging, death, and their financial affairs.

But comfortable or not, succession planning should be a priority for any family business.

More than 70% of family-owned businesses do not survive the transition from founder to second generation. In most cases, the "killer" is taxes or family discord, both issues that a good family business succession plan will cover.

We can help...

Let Ken and the RitePartner Resource Team lead you through the Business Succession Planning process. We can assist you in addressing all your questions and concerns to ensure a problem free transition.