As the baby boomer generation approaches it’s retirement age…
…business succession starts to become a more and more critical coversation for today’s long term business owners. It’s fair to assume that many of these transfers will be made to family members of the present owners, to employees, or shareholders and other outside parties. However, transfers to each of these groups can involve quite different business issues.
For the owner who has done little succession planning, retirement from the company may not be easily achieved. This is where Flagship can assist.
The various issues related to business succession can seem overwhelming to the owner who is tempted to delay dealing with them. The day-to-day problems of the company always seem to be more important and demand more immediate attention. Flagship understands this challenge and is prepared to help.
Dealing with business succession doesn’t need to invoke anxiety, although it may take more time and require additional thought and planning than the owner might expect. Some of the questions cannot easily be answered and may need assistance.
For instance, how much is the company worth?
How can the ownership of the company be transferred on a tax-efficient basis?
How can the owner’s risk be reduced or eliminated on the transfer?
Should the owner remain involved?
Or should the owner position himself to leave the company once the transition has been made?
Helping you steer your ship.
Your Flagship representatives will help outline the steps to take when transferring ownership of your company.
We examine how the company might be valued, assist in making the company in saleable condition, and will reorganize the company to help defer or reduce taxes (which may arise on the transfer). We will also look at how the ownership can be transferred to family members, employees, other shareholders, or outside parties. On top of that, we will also help in advising the business owner on the process to be followed and on some of the documentation required.
When it comes to business succession planning, Flagship is here to make it smoother and safer sailing for you.