Planning for the successful transfer of control and ownership of a business is one of the most difficult, lengthy, and rewarding tasks a business owner faces. Every business owner knows that building a successful company requires dedication, commitment and hard work. Once a company is established, business succession or business continuation planning becomes an essential part of the process to assure future continued growth.
A business succession plan involves selecting a new leader as well as carefully considering the financial and tax aspects of passing the torch and accomplishing it all with minimal disruption of the day-to-day business operation.