Transition with Confidence
Regardless of your future professional goals, you will transition your company to someone else eventually. Whether that person is an employee, a family member or a buyer, you must create a blueprint for the process. Establishing a business plan to facilitate your organization's smooth continuation is a vital component of financial planning. Unexpected events such as an executive's death can cause significant issues if you do not have a plan that names a successor. Sovereign Wealth Advisors have the expertise to help you create a strategy designed to protect your company from potential problems down the road.
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The Components of a Business Succession Plan
Many elements make up this type of business planning. The details look different for everyone, as each owner has unique needs, goals and circumstances. A well-built strategy should include:
- An organizational structure
- The expected timing of a transition
- A named successor
- Tax planning directives
- The steps to execute the strategy
- Outlines for contingencies