Your business is your legacy, and you want to see it through a successful transition when you choose to step away. The knowledge you have gained through years of trial and error is vital to your business, but without an effective plan, the value of that experience is lost when you leave. When it comes to both the business’s and your own future, you have a lot to consider.
When will I leave?
How much income will achieve financial security?
Choosing a successor
Should my successor be a family member, an employee or an outside buyer?
How will I prepare them?
Valuing the business
How much is my business worth?
How can I increase its value?
Securing your estate
How will I protect my family and meet my goals in retirement and beyond?
How can I minimize estate taxation?
Planning the succession of your business and facilitating a rewarding transition requires time. Two to five years is usually reasonable to implement a succession plan, but preparing for unforeseen obstacles means the sooner you plan the better. Plan now so when you leave the business, you can enjoy your future without regret.
Plan with experience
An experienced third-party advisor can make all the difference. Honkamp Krueger’s (HK) succession and exit planning team includes professionals specializing in tax, training, marketing and more. Our range of expertise means we can help you plan from a unique variety of angles:
- Provide an objective review of your business activities by interviewing you, your family and key employees
- Help you save money and avoid overpaying income taxes
- Provide an accurate business valuation
- Analyze financial statements and establish sound numbers
- Test your talent pool to uncover people and areas of potential
- Match skills with career paths and training goals
- Prepare family or employees for leadership roles
- Position your brand for the future
As your trusted partner, we’ll provide unbiased advice while always respecting your hopes for your business’s future. Our depth of knowledge and experience in succession planning means your business will maintain the legacy you have worked so hard to establish.
Read more thought leadership on succession and exit planning in our blog.