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 candidate 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!