Business Succession Planning

Building and running a business is a rewarding accomplishment.

Whether you have a business succession plan in place, or you are beginning to create that plan, make sure your financial advisor is part of your business succession planning team.

When it’s time to transition to the next chapter in your life, you will want a professional financial advisor working toward your goals and helping you build a legacy you’re proud of.

The income you will be receiving through the transition of your company to new ownership will have an impact on your retirement plan.

Creating and executing a succession plan for your business can be extensively complex.

You will want to avoid common pitfalls people fall into, such as depending on the sale of your business to fund your retirement or having an inadequate estate plan. Additionally, there are regulatory considerations if your company has set up retirement accounts for your employees. Other factors, like the type of sale and legal requirements, can have a significant influence on your personal retirement goals.

Your EWM advisor can collaborate with consultants you may have as you work toward a business succession plan. Having an advisor who can work with your team, from tax and HR specialists to attorneys and business brokers, will help guide your investment decisions.