Succession planning is the process of developing a plan that provides for the transfer of a business upon death or retirement of the owner. At HLB Gross Collins, P.C. we have expertise in developing such plans and taking the proper steps to ensure that the plan is carried out when the time comes. Succession planning should begin long before the owner is thinking about retirement.
A properly structured plan will include the following:
- A clearly defined leader to succeed the current owner and assume responsibility
- A formal business evaluation which should be kept up to date
- A buy-sell agreement
- A plan to guide the company through the transition process
While the above steps may seem basic, the actual process of planning for succession can be complicated and time-consuming. At HLB Gross Collins, P.C. we have the expertise to guide clients through the process in order to engineer a smooth transition.
Contact HLB Gross Collins, P.C. for assistance with succession planning.