Succession Planning

You have several options for transferring the results of your hard work, your business. Choices 1 through 4 require careful planning and can lead to value creation for you and your heirs. The fifth choice is the one you make when you don't decide to do any of the other four. You can:

1) Transfer to family members through gift or sale
2) Sell to employees
3) Sell to a third party
4) Sell the assets and close down the business
5) Do nothing and run out of options

Each of the above has unique income and transfer tax planning opportunities which require consideration well in advance of the transfer event. Succession planning also includes making sure that you have sufficient resources after the transfer to maintain the lifestyle that you worked to achieve.

Wayne Hummer professionals will work with you to review cash flow options to replace current salary income and to appropriately invest any proceeds resulting from the transfer of your business so that the next phase of your life is well provided.