When considering exiting your business, it consumes more of your valuable time when contemplated alone. Let us help you!

ESTATE PLANNING

Have you thought about your end-game plan?

Have you started considering it? Are you still contemplating it? It is a lengthy thought process that will consume a lot of your valuable time when done alone. These strategies involve envisioning your business, personal finances, and it does engage a lot of emotions as well. Any decision you make will greatly impact your loved ones. Taking no action is not a good solution. Therefore, with the help of S&A Partners who have extensive experience in
strategizing exit plans for family owned businesses, privately held firms, and partnerships, we can help you minimize obligations, maximize cash reserve and execute logical solutions for the upcoming taxation challenges. It all begins with outlining your requirements and desires.

Knowing “WHEN” is crucial

It is inevitable that you will exit your business and that someone else will run and manage your business in the future. It is only a question of ‘when’ it will happen.

Since there are no certainties in life, it is crucial that you ask yourself the following questions:

  • Do you have someone in mind who could manage your firm effectively in your absence?
  • If not then, when would you like to start looking for that person?
  • If yes, then who is that person?
  • Are they prepared for the big change?

However, it is key to keep in mind that nothing is certain. Events like sudden death or
disability can jeopardize your firm’s daily operation.

You may have an able candidate in mind, however, without a financial, operational and managerial strategies ready, the transition may not be executed as you may have dreamed of it to have been. If these strategies are not implemented, you may encounter frustrating challenges, obstacles and deferrals.

Integrate Succession planning with your annual review

There are various types of transition circumstances. It could either be voluntary or involuntary. Voluntary transitions are generally methodical which helps maximize the value of your business and minimize any obstacles you might face when exiting your business. Involuntary transitions are usually decisions made in a haste and without deep contemplation that result in fewer viable choices and unfavorable business assessments. 

However, if you include succession planning in your annual review, you will be able to consistently update your decisions by identifying new opportunities and considering all your options which will enable you to implement the strategy and exit smoothly with minimal resistance. This way you can leave a proud legacy for the future generations of leadership.

It should be taken into consideration that extreme circumstances do occur which results in unforeseen transitions. In the absence of this contingency strategy, your loved ones could be pressured to liquidate the business. At that point in time, the net realized value will, almost certainly, be drastically small.

How we can ease the process for you

Strategizing succession planning is an on-going process, and not a one-time static event. In
the development stage of the plan, S&A Partners and you will have a discussion about the current standing of your needs, mindset and business, your envisioned position for the company at a determined time in the future, and what steps to take to bridge the gap between these two. In our discussions, we also ensure that there are sufficient funds put aside to pay for taxes due at the time ownership is transferred such that the daily operations and cash flows are not hampered. This way the value of your company is not decreased.

We start fresh. This includes no assumptions, bias, or preconceived information. We work with sheer practicality and logic. Sometimes we may ask difficult questions now such that you may relax later with minimal stress.

Whether the business is succeeding to a family member or a member of the current management team or a complete stranger, the pain of separation will be interlaced with the happiness that comes with the freedom. You will encounter some obstacles throughout the process, however, partner with us so that we can keep that to a minimum.

Generally the journey includes:

  • Strategic business plans
  • Financial business plans
  • Contingency plans
  • Liquidity plans
  • Exit options
  • Dealing with all stakeholders, governmental agencies, suppliers and clients
  • Critical succession milestones
  • Tax plans
  • Trust plans
  • Charitable gift plans
  • Successor selection, including family members
  • People plans
  • Retirement and your lifestyle plans
  • Wealth management
  • Ownership transfer
  • Transferring finance

It concerns you

Inform us about what you would like, where you envision yourself to be at the end of this process, what your motivations are, and how you want your legacy to be planned. By conducting this service multiple times, we have in-depth experience such that we can assist you to achieve the desired outcome. Allow us to assist you in clarifying your wealth management objectives, addressing all and any issues that arise, and develop and execute strategic plans that smoothen the exit process.

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