Products & Services
Investments
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Financial Strategies
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Business Planning
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Choosing a Transition Team
Independent Advisor
Assist in providing leadership, prospects, timing of the transition
Lawyer
Provides legal guidance, transition agreements, leases, non-compete agreements, qualify potential buyers
Certified Public Accountant
Asist in taxation plans, structure a deal to avoid negative tax consequences and estate-planning instruments.
Draft valuation of company to be used to set asking price
Provide documents for presentation to potential buyers
Insurance Professional
Provide coverage as required for buyers
Insurance coverage for transaction
Insurance to off- set taxation from sale
Retirement and estate planning
Business Appraiser
Itemizes value of company, comparison to market
Strategic Partner, Investor, and or Venture Capital
Provide insight on structuring wealth, equity and debt financing
Buyer or Successor
Family member or third- party owner to assess whether they have what it takes to run the business successfully
Investment Banker
Assemble plans for investment from proceeds from the transaction
Your Transition planning options
- Transition within the Family- Your successor may know the business inside and out, but this approach may also cause family or employee discord
- Sell to a partner or employee- A partner knows the business and has built a reputation among employees, suppliers and clients, but may be similar to your age, with retirement potentially on the horizon
- Sell to a Third-party buyer- An outsider my not know the business, but this option presents more buyers and the potential for a higher sale price
Transition Planning Checklist: Start with the Business’ needs
- Define overarching goals
What does the business need from its next leader?
Establish timeline to transition
Assemble team of professionals
Review business structure (sole proprietorship, partnership, corporation) - Plan for Successors
Identify among family members, partners or employees
Define how you are going to be involved after the transition
Develop a plan for your successor - Review Tax programs
Individual retirement plan
Pension program (401K)
Compensation arrangement - Communication
Family involvement, partners, and key employees
Provide stakeholders succession plan
Be proactive in resolutions to stakeholders’ disputes
Develop communication contact lines - Contingency Plan
Assemble alternative transition plans
Risk management review
Buy/sell agreements with partners and stakeholders
Transition Proactive Planning
- Start planning early, even if the business isn’t for sale
- Communication with family and partners
- Speak to outside expertise, financial advisors
- Develop a plan for transition and alternative strategies
- Legacy and retirement wealth planning
- Involve board members and risk managers
Business Owner Insurance
- Business Owner’s Policy (BOP)
Business Income Insurance
Commercial Property Insurance
General Liability Insurance
Professional Liability Coverage (Errors and Omissions)
Cyber Security Insurance
Workmen’s Compensation Insurance - Life Insurance
Key Man
Disability Insurance
Long Term Care
Executive Bonus Arrangement
Buy/Sell Redemption Plan
Economic Benefit Endorsement
Split-Dollar Arrangement
Nonqualified Supplemental Executive Retirement Plan