Succession planning starts years before you plan to exit.
Succession planning refers to the approach and preparation of recognizing successors within the business and helping them develop their abilities and experience to replace the existing leaders at a future date. Whether you plan to give your business to family members, sell your interest to a partner, or seek an outside buyer, the operational and financial implications of business succession planning demand long-term planning and a team of accountants who will help you build your comprehensive exit plan. There are many exit strategies for businesses. Some of the most common include:
The most important part of the process is ensuring there is time for you to understand the value of your business and increase its value before your exit. This plan should be started at least five years before your projected exit date. Preparing a written plan will give you the best possible outcome even if you adjust along the way. Our team of professionals has the expertise you need to help you develop an optimal succession plan.