Succession Planning for Businesses from MCB
The reality is, most small business owners do not have an exit strategy for their business in the event of their disability, retirement or death. A business exit strategy not only means having a plan for the unexpected, including financial hardships, but it also means having a plan for the succession or transfer of ownership of your business when it comes time to retire. At MCB Business Consultants, we are happy to help you with your succession planning strategy.
Developing a successful exit strategy requires working with your team of advisors, such as your accountant, your attorney and your financial advisor. MCB will walk through the business valuation portion with you and, through this discovery process, will help you understand who the key people are in your succession planning strategy and what your business will ultimately look like at transfer.
MCB helps businesses with succession planning strategies.
At MCB, we think it’s important to leave no stone unturned. That’s why we work with you through your succession planning process in order to ensure no needs go unmet. Some important items for consideration that will have to be addressed with succession planning include:
- Coordination between who will own the business and who will manage it
- Consideration of the best of the business and the owner’s family
- Timing of the transfer of the business during your lifetime
- Tax consequences of transfer upon death
- Reduction of risk of a discounted sale of the business
MCB can help you with a succession planning strategy that perfectly suits your business needs. To learn more about the services we provide, contact us online using our convenient form, or feel free to call our Buffalo, Syracuse or Utica office. We will be more than happy to schedule a time to meet with you and help you with your succession planning needs. We look forward to serving you and your business.