As uncomfortable as it seems, succession planning should be a priority for any business. Developing and implementing a well-designed succession plan is essential to the survival and success of a business.
At Straight Talk CPAs, we’ll help you figure out things such as:
- Will you pass the business on to your family or sell it to a third party?
- Who will run the business when you’re gone?
- Should you appoint family members or other candidates to key positions?
- What’s the best way to share your expectations for your business?
Retirement planning isn’t the only long-term planning you need to do; legacy and succession planning is just as important. The tax burden when transitioning a business can be significant. The challenge is that a business is not generally a liquid asset, but taxes are typically due when ownership is transferred. We’ll help you figure out ways to maximize tax reductions in order to minimize the tax bite. Get in touch with Straight Talk CPAs today!
Your company matters. So does the financial portfolio you’ve put together over the years. Look towards the future. What do you want your company to achieve after you’re gone? Where do you want your wealth to go when you no longer have a need for it?
If you want a say in how things are managed after you’ve passed on, spell it out now. Succession and legacy planning allow you to make your wishes known in a formal, official capacity. Whether it’s to reduce the tax burden on the people you care about most, to protect what you’ve built up over time, to continue to carry on your vision for your business even when you’re not around, or to keep your company and business from being mismanaged due to negligence, lack of information, malicious intent, or any other reason, take the opportunity to make your wishes known now.
There are several important things we want you to know about legacy and succession planning. You may think this is not a high-priority item, but it really is. Here are several reasons why you need to spend time on your succession planning sooner rather than later.
- You don’t want to derail what you’ve built. Whether we’re talking about your business or your wealth portfolio, you know better than anyone how much time, effort, money, and work went into building it. You have followed your vision to create something out of nothing. To keep everything going according to that vision, take some time now to complete succession planning that will protect what you’ve built.
- You don’t want your business or wealth to fall into the wrong hands. Succession and legacy planning will ensure that your wishes are carried out and that what you’ve built up doesn’t fall into the wrong hands or get squandered. If the wrong person is chosen to lead your company, they may take it in a direction you would not approve of. If you don’t create a specific plan, parties who don’t care as much as you do about your business and portfolio could potentially step in and mishandle everything.
- Without a plan, fighting and disorganization can ensue. If you don’t spell out who does what and what goes where, people with differing ideas could try to take over and cause a great deal of grief for everyone involved.
To avoid these and other potentially unpleasant scenarios, make sure to think about where you want your business and your wealth to go after you pass, as well as who you want to appoint to manage matters. A little bit of thought now can help everything move forward smoothly, keeping disruptions to a minimum.
You may not know where to begin with your legacy and succession planning efforts. You may not know who to turn to for help, or how to make your requests official.
If you live in New Jersey, we at Straight Talk CPAs can help with all of your succession planning needs. In addition to being tax specialists, we are extremely familiar with all of the rules, processes, and local laws that affect legacy and succession planning, and we can walk you through everything you need to do to protect what you’ve built up.
Ready to get started? We at Straight Talk CPAs in Morganville, NJ are ready to work with you. Our team is available to provide the individualized tax and financial services that you need, from retirement planning to succession planning, and from tax resolution to profit maximization. Put our expertise to work for you! Contact us today.