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Home > Services > Tax > Estate Planning > Business Succession Planning
Business Succession Planning
Successfully transferring your closely held business to the next generation of new owners presents challenges and opportunities. Historically, family businesses have a low percentage of survivorship to future generations. Owners spend considerable time and energy building their business, but often neglect to plan for its eventual transfer. This failure to plan invariably contributes to the low survival rate. Our seasoned business succession planning professionals understand the issues business owners face. You can expect your Virchow Krause team to anticipate your needs and actively provide solutions, delivering exceptional client service every step of the way.
Solutions Beyond the Basics
The essence of business succession planning is developing a strategy to advance your business into the next generation of ownership. Whether the strategy involves transferring ownership and management duties to your family, an outside party, or current employees, certain issues must be addressed:
- Financial security to the owner after retirement.
- Financial security for the owner's family in the event of untimely death or disability.
- The business's continued success in the owner's absence.
- Promoting family harmony by dealing fairly with family members working in the business and those who are not.
- Identification of future owners.
Advantages for You
Our business succession planning professionals will help you:
- Examine and prioritize your goals.
- Design the specifics of your plan to ensure a measured and systematic approach that is integrated with your goals.
- Coordinate all aspects of your plan with your legal advisors and other financial professionals.
- Assist in implementing your plan to maximize acceptance within your family and business employees.
- Monitor your business succession plan as it evolves.
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