Succession Planning

What will your legacy be?

No one works harder at your business than you do, and you want the company to succeed beyond your working years. While many entrepreneurs hope their business is something that can be passed on to their children, few take action. Unfortunately, poor planning, lack of successors, family conflict, and insufficient balance sheets often prevent the next generation from realizing the full value of the business. Manufacturing flight, industry consolidation, tax implications and other market trends have also created a strong need for succession planning. As the primary executive operating your business, you need to determine:

• How long will you stay active in your business?
• Can you financially afford to make the transition?
• Are you emotionally ready?
• What happens at your business in the event of your untimely death?
• How are your family, employees, and assets provided for?
• What does your family expect from the company?
• What do you expect from your family?

Sage Performance Counseling has the expertise to help you achieve your business and personal objectives while reducing the hazards that can occur with a business in transition. Don’t wait until you are near retirement age, start early to allow time for evaluating alternatives.