Business Succession

 

Newton, O'Connor, Turner & Ketchum  understands that Business Succession plans must be customized for every client.  From a business with a single owner to a business with many shareholders or members, there is no business exactly like yours.

 

Effective business succession takes time to fully develop and implement.  It requires the same amount of focus, determination, and hard work that it takes to get into business in the first place. Such planning is as important as any other business planning you undertake.


As a business owner, you have invested time, money, and emotion into your business. It makes sense that you have a deep desire to see a return on your investment and want to see it continue to be successful after you are gone. Ensuring that your business succession continues requires forethought and planning. Here are a few tough questions to consider:

•Am I prepared to transition or sell my business? Do I know what it is really worth?

•Do I have a solid buy/sell agreement? Does it protect everyone involved?

•How is it funded? How confident am I with my will/trust? Do I have an estate plan? When was it last reviewed?


Business Succession Plan provides a road map for your beneficiaries and key employees to follow when executing the transfer or sale of your business and, if funded, provides income to facilitate the transition.


A Buy/Sell Agreement facilitates the sale or transfer of business ownership to the remaining co-owners or key employees upon the death, disability, or retirement of an owner. These agreements remove uncertainty regarding valuation, funding and management and ownership succession.


Newton, O'Connor, Turner & Ketchum can help you provide for the ongoing success of your business.

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