When you own a closely-held or family business, retirement is not as simple as not going into the office anymore – you need an exit plan. Finding the right exit strategy takes careful planning and guidance, especially if you want your business objectives and vision to remain relevant under new ownership. At Sol Schwartz & Associates, we can help you with this transition. Our team takes a sensitive and systematic approach to succession in order to meet your objectives and ensure the continuity of your business while minimizing your tax burden.

With business succession planning you can:

  • Find solutions that best serve your interests
  • Enjoy your retirement
  • Plan the cash flow for you or your heirs
  • Identify opportunities for greater business efficiencies
  • Flag potential business problems

When preparing a business succession plan, consider:

  • The nature of your business
  • Number of owners
  • Age and health of owners
  • Value of your business
  • State laws
  • Your personal goals and estate plans
  • Possible heirs and successors
  • How to reduce tax liabilities upon your exit
  • Contingency plans in case of disability or death
  • Possible options for business transfers
  • If selling the business, the source of buyers’ cash

When should I start my business succession planning?

As a business owner, you need to have a business succession plan now. You should start implementing a succession plan three to five years before the transition.

We invite you to contact us directly, or continue browsing our website to learn more about how we can help you.