I’ve built a great business and I’m ready to retire.  How can I do that? Who will buy my business? What I can sell it for? Is it ready to sell?   These are the questions we get most often.  According to one source* 66% of businesses in 2012 were owned by Baby Boomers.  As they are approaching retirement they are often asking themselves these questions and have little, if any, idea of where to go to next.

Why do I have to worry about Business Succession Planning?  I’m not going to leave this business for decades!  That is a response we also get when beginning the conversation of true strategic Business Succession planning.  However, what we find is that many of these same owners have not taken many measures to truly prepare their loved ones, partners, employees and the business itself, for what to do if something happens to them.  Why should they?  Time is on their side, and after all, they are busy working to build their business.

Is time really on their side?  That is a question that none of us are truly able to answer.  So, rather than taking that approach, what if we looked at it from the perspective of what needs to be done?  What if we considered those who would be left to pick up the pieces as well as the impact not having YOU, the Business Owner, around would have. And what if by doing these things we actually made your business more valuable…more of a true asset to you?

These questions highlight the reasons to plan early and the problems that can be faced if you don’t plan.  But who can help you with these things?  It has been our experience that Accountants and Attorneys can be great at helping with certain aspects of this type of planning.  The accountants can look at your options from a tax perspective and the attorneys are able to advise you on the legal side and sometimes the tax side.  However, we are specifically trained professionals that can help you pull all of the pieces together.  We help our clients to plan in all of the situations mentioned above.  We plan for what will happen to in the event you are no longer able to work or are no longer here so that your spouse and employees have options for what to do.  We work with you to help you build value in your business so that it can become a valuable asset rather than a job for you.  We explore the various ways you’re able to transfer your business and the tax consequences of each.  We also work with your attorney and accountants when needed to execute the entire plan.

In the vast majority of situations, a business is a huge part of our clients’ Balance Sheet.  As such, it has an incredible impact on their personal finances as well as the business’s finances.  Our job is to hear your vision for your family and the business, to help bring order to the things that are unclear and to build and implement strategies to fill in the gaps.  Most importantly, it is to bring you peace of mind in knowing that you now have a plan and strategies in place to help protect you, your loved ones and employees.

*Source: Beating the Boomer Bust by John F. Deni © 2012

Securities, Investment Advisory and Financial Planning Services offered through qualified registered representatives of MML Investors Services, LLC, Member SIPC, 12 Cadillac Drive, Suite 440, Brentwood, TN  37027 (615) 309-6300.  Continuum Planning Partners is not a subsidiary or affiliate of MML Investors Services, LLC or it affiliated companies. CRN201712-197951

Continuum Planning Partners Post Author
Tammy Paxton, CFP®

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