Business Succession Planning

One day, you will eventually retire from your own business.  Despite the relief of handing over the duties of your company and avoiding going to the office, there are still some important questions to consider.  Namely, these two questions: 

"What happens to the business when you're no longer running it?" and

"Will you have enough money to retire?"

With seven out of ten family-owned businesses failing to survive from founder to successor, it is of huge importance for any family business. We can help to make sure that a succession plan is able to survive your retirement and continue for generations.

We help you with these key issues -

• Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options by reviewing all of your options to make an informed decision.

• Who's going to run the business when you're gone? If you have multiple children, there may be those who want to take an active ownership of the company or some who simply wish to have manage the company. We can help decide and define individual roles within the company after you depart to provide a proper chain of command and avoid any infighting once you depart from your business.

• Minimizing the tax bite. When transferring from one owner to another (even within the family), there are taxes involved. The taxes can be quite significant causing added stress to you and your family. We can help minimize your tax burden.

• Making it fair. Everyone wants some equitable piece of the family business when the owner retires. We can help to provide equitable pieces of the company to all potential future owners and family members that will prevent the company from wasting time and finances in litigation.

What we do for you...

Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues...

1. Business Valuation - Brandt and Associates will review your business and provide an estimate of its worth. This will allow you to be able to fairly determine your assets and provide a powerful negotiation tool when selling your business to a third party.

2. Business Restructuring - Transitions are difficult and require some restructuring to fit the changes that will occur. We will take the time to set up a new structure that will allow your business to remain efficient during the transition.

3. Tax Consequences - We review your finances to determine what will happen to taxes that will be paid once ownership is transferred.

4. Retirement Projections - One of the biggest concerns can be answered providing you with a sense of financial security and relief. With our analysis, we will be able to review your business and determine the amount of money you will have once you decide to retire.

5. Tax Projections - Brandt and Associates will review your finances and project the tax implications of your business as you prepare to retire.

Retirement can be stressful on yourself and your loved ones. From deciding who will own the business to determining if you have enough for retirement, the entire process is daunting with the right people to help you. Brandt and Associates can help make such a burden a lot easier and provide you with a peace of mind.