Category: CPA Services

Succession Planning: Transferring Ownership of Your Business

August 31, 2021  |  Barton Walter and Krier

For many business owners, developing a solid succession plan can be overwhelming. There’s the question of who will take over the business upon your retirement, demise, or disability. It’s never too early to create a successful plan. With the help of experienced legal, financial, and tax professionals, you can secure a sound financial future for yourself and your loved ones. Read on as we discuss transferring ownership of your business through succession planning. First order of business: choose your successor This may seem like a no brainer however, choosing the right successor is arguably the most important step in the process. Selecting someone to take over the business isn’t easy. Sometimes the most logical choice is a family member or trusted existing employee. However, each has its drawbacks. You must consider that individual’s strengths and weaknesses, as well as the implications to the business and/or familial relationships. Your successor largely depends on how your business is structured; whether you have an existing partner(s); and what your ultimate business objectives are for the future.  Choose your successor wisely. It’s always a good idea to consult with a financial or tax expert to help walk you through your options. Five common types of succession plans There are five common types of succession plans, each with […]

Read More