Old-Business Succession Planning Goals


Business Succession Planning Goals

A well thought-out and properly funded business succession plan helps protect you and your family from having to negotiate the sale of your business at an inopportune time.  You or your family may be unable to secure favorable terms for an emergency business transfer due to your sudden illness, long term disability, or even untimely death.  ​A pre-planned and appropriately funded orderly business succession plan can help:

  • Create a market for your business by establishing who will purchase it and what price
  • Establish realistic funding mechanisms for the ownership transfer
  • Identify clear and binding triggering events for business transfer
  • Help fund a comfortable retirement, if desired
  • Provide a sense of security for family, employees, customers, and creditors
  • Decrease the likelihood of future litigation about the true value of your business with designated future owners

In order to identify the most appropriate solutions to meet your business’ needs, please tell us what you are trying to accomplish, who should benefit from your planning, and the tax structure of your entity.  To help you think through some of these issues we’ll provide you with several basic business planning guides.