Business Consulting and Succession Planning
Secure Your Future with Business Succession Planning
Drafting an effective succession plan for your business is a challenge steeped in the uncertainty of the future. Many business owners ignore succession planning entirely, choosing to sell to avoid frustrating complications and underwhelming results.
But asking the right questions can greatly simplify the process of succession planning. And at Private Wealth, we start with the most important one of all:
Should Your Business Be Sold?
While selling is often straightforward enough to seem like an attractive option, alternatives may be more advantageous long-term.
- Are there ways to reduce your workload and risk?
- Once you pay taxes on a sale, can you replace the income and benefits your business provided?
- Do you have specific beneficiaries in mind, such as your children, key employees or a charity?
Depending on the answers to these questions, more efficient strategies for succession planning may reveal themselves. Our team of financial experts can then evaluate the implications and consequences of each possible succession plan. With this information, we can identify the best path forward. Just a few additional questions can ensure your business continues to prosper well after you’ve left.
We personally understand what it takes to create a successful business, having done just that several times over. But whether we sold or took a business public, our real-life experience is now a vital strategic advantage, one that separates us from everyone else.